KUWAIT: At a time of unprecedented change for the region, board effectiveness is crucial for businesses to unlock growth in today’s market environment and stimulate economic diversification, as highlighted during the 21st edition of the Foundation of Directorship Workshop conducted by the GCC Board Directors Institute (BDI) in sponsorship with Emirates NBD. The two-day workshop commenced yesterday at the Meydan Hotel in Dubai. “Today, board effectiveness is an integral part of every board’s reality; the success of most top tier companies - from publically listed to family-owned businesses - is driven by an effective board structure and composition,” said Jane Valls, Executive Director, GCC Board Directors Institute (BDI).

“I feel privileged to lead the Institute during a time where the pace of change is faster than ever before. The Board Directors Institute recognises that increasing regulation, greater competition, new business models, technical innovation and increasing stakeholder expectations are changing traditional approaches to board leadership; similarly, boards are increasingly faced with uncertainty caused by market volatility. It is our aim to prepare directors so that they can adapt to today’s complex world.”

During the alumni dinner taking place on the eve of the Foundations of Directorship Workshop, H.E. Obaid Al Zaabi, Acting CEO, Securities and Commodities Authority (SCA), emphasised: “There is no doubt 2016 will be a challenging year for all of us, where the ability to unlock growth will be crucial.

Implemented in the right way, the pillars of board effectiveness can guide businesses, help them grow and ensure sustainability. A higher level of corporate governance obligations in the region will significantly impact board structure, processes and protocols, with businesses becoming more and more performance driven. Directors need to make sure that they remain focused on strategy, risk, the financials and management oversight, and are clear about their duties, obligations and liabilities, both individual and collective.”

“The purpose of the Foundations of Directorship workshop is to delve deeper into the changing roles and accountabilities of the board and its directors, unwrapping the secret of a model board and the right operating model under current market conditions,” added Valls.

The GCC Board Directors Institute has established one of the region’s largest and most influential networks of more than 620 board members in the region. This year, the Institute’s Foundations of Directorship workshops will see over 50 participants who will discuss and share past experience, whilst exploring and analysing potential solutions, tools and effective practices for boards and directors in the GCC region. The two day workshop is preceded by an alumni dinner, sponsored by Emirates NBD - one of the Institute’s founding members and a leading bank in the region.