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MENA forum addresses governance goals Corporate governance experts have stressed the importance of diversity and the independence of boards in the Middle East at a recent forum held in Dubai. Organised by UAE-based Hawkamah, the forum attracted corporate governance practitioners, drivers and regulators from across the region. Speaking at the forum, leadership adviser Johan Brand said: “Boards in the Mena region
Saudi embraces women in leadership
Saudi Arabia is going through a ‘genuine reform process’ and has recognised that the exclusion of women from leadership roles impacts economic potential, an industry observer has told Forbes. Earlier this year, Rania Nashar was named chief executive of Samba Financial Group, becoming the first female CEO of a listed Saudi commercial bank. Saudi stock exchange Tadawul introduced a new chairwoman — Sarah Al-Suhaimi — and Latifa Al-Sabhan was named CFO of Arab National Bank. Bessma Momani, a professor at the University of Waterloo in Canada, said of the recent appointments and legal amendments: “It’s driven by necessity — the necessity of recognising that economically the exclusion of women is basically keeping 50 per cent of its economic potential completely dormant. “For decades, Saudi has been trying not only to diversify [its portfolio] but also trying to find a way to tap into its existent resources and known input goods. What it has is human capital and talent that is underutilised.” 18 Ethical Boardroom | Summer 2017
comprise known members and while this makes them quite comfortable and enhances the trust, there can also be some negative implications. “As such, independent boards should be encouraged in order to facilitate a stronger and more concrete business model.” Discussions also highlighted the importance of diversity across age, ethnicity and gender in order to manage the goals of organisations and meet the expectations of their shareholders.
Qatar Airways CEO sorry for hostess slur The chief executive of Qatar Airways has apologised for comments he made about US flight attendants that were condemned as both sexist and ageist. CEO Akbar Al Baker (below) described the American airline industry as “crap” and said passengers are “always being served by grandmothers”. Al Baker made the remarks in Dublin, while speaking at an event commemorating Qatar Airline’s new flight route between Ireland’s capital and Doha, Qatar. In a letter to the US trade union body, the Association of Flight Attendants (AFA), Al Baker later said: “For the cabin crew serving aboard all air carriers, professionalism, skill and dedication are the qualities that matter. I was wrong to imply that other factors, like age, are relevant.”
Iran Air appoints first female CEO
Iran has appointed a female chief executive to lead its national airline for the first time since it was established in the 1940s. The state-owned Iran Daily announced that the transport minister had named Farzaneh Sharafbafi, who holds a PhD in aerospace engineering and previously served on the board of Iran Air. According to the Associated Press, Iran President Hassan Rouhani, who was re-elected earlier this year, has recently appointed women to a number of management posts, breaking with tradition in the Islamic republic.
Jordan updates governance instructions
The Jordan Securities Commission (JSC) has issued compulsory corporate governance instructions for listed shareholding companies, The Jordan Times has reported. Previous JSC governance instructions for companies on the Amman Stock Exchange, which were issued in 2009, were voluntary guidelines. JSC chief commissioner Mohammad Hourani said the instructions, which he described as in line with international practices, would further protect investors and improve the investment climate in Jordan. www.ethicalboardroom.com
