KUWAIT: The Kuwait Projects Company has been named the winner of the ‘Best Corporate Governance Kuwait 2016 Award’ by the UK-based business and finance publication, Capital Finance International (CFI.co).
The judging panel’s selection of KIPCO reflects the holding company’s achievement of strict adherence to prudent and sensible investment strategies; the transparency and sound corporate governance that are at the very core of all KIPCO Group operations and processes; and the Group’s signature annual Shafafiyah (transparency) Investors Forum, which allows management an opportunity to review its past performance and offer guidance on coming year prospects.
The CFI.co judging panel hailed KIPCO for its forward looking and pioneering approach to corporate governance. The judges agreed that a company’s reputation is its most valuable asset.
Commenting on this occasion, Faisal Al-Ayyar, KIPCO’s Vice Chairman (Executive) said:
“We are pleased to have received this important recognition. Out of our strong belief in the utmost importance of transparency for the growth of any organization, we took the decision 13 years ago to hold annual investor forums across all of our core companies. In these meetings, we not only give our shareholders and potential investors the previous year’s figures, but also discuss the activities that took place and what our expectations are for the next year. This award reinforces our reputation of having sound corporate governance practices across the Group.”
Each year, CFI.co seeks out organizations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Reporting from frontlines of economies on the move, CFI.co’s Awards Program identifies and rewards excellence around the world, and the program aims to inspire other organizations to further improve their own performance.
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of $33 billion as at 31 March 2016. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.