A study on the corporate governance framework of Emirates National Oil Company (ENOC), a wholly-owned entity of the Government of Dubai, has won the first prize at a case study competition organised by the GCC Board Directors Institute (BDI) in partnership with London Business School (LBS).
At the awards ceremony held at DIFC, John Junior, an EMBA student of LBS was recognised as the winner of the competition. Junior built a case study on ENOC based on the effectiveness framework outlined by BDI, which will now become part of the discussions in BDI’s Foundations of Directorship programme offered exclusively for the Gulf’s top board members. Saeed Khoory, Chief Executive Officer of ENOC, received a recognition award from Nathalie Potvin, the Executive Director of BDI, for ENOC’s support to the competition.
Congratulating BDI and LBS on undertaking the initiative, Saeed Khoory said: “It is an honour that the case study on ENOC has won the first prize in the competition. It is a strong testament to the global best practices that we uphold.
“In today’s competitive economic environment, long-term value and customer trust can be sustained only by adopting the highest principles of ethics, transparency and business values. We are delighted that the case study on ENOC will be used to stimulate discussions in BDI’s training programme.”
BDI training programme evaluates the critical skills and theoretical knowledge to be an effective Board Member, and is aimed at improving the collective performance of the Board and the organisation’s corporate governance framework. Only about 300 top executives in the regionhave attended the programme, where ENOC’s experience in corporate governance will now be studied and evaluated.
Mr Khoory added: “At ENOC, adhering to global best practices in corporate governance is a top-priority. This enables us to create sustained long-term value for our stakeholders, especially as we diversify our business and expand to new geographies globally. All aspects of our operations are structured to promote transparency by all stakeholders. This has enabled us to gain the trust of our stakeholders, adding momentum to our growth as an organisation.”
ENOC upholds the core values of team work, integrity, transparency, respect and customer focus. A Business Ethics & Compliance function and a Code of Business Conduct are applied across all operations of ENOC and its group companies, as well as partners.
“ENOC is working toward attaining regional leadership in implementing industry corporate governance best practices. In this journey, ENOC has been building relationships with well-known international and regional institutions. Collaborating with BDI and LBS for the case study is a testament to our commitment to foster sound corporate governance practices within the region by contributing to development programmes. Additionally, the discussions we had throughout forming the case study provided insights into ENOC’s framework positioning within the region and internationally,” said Aley Raza – Director Internal Audit/Chief Ethics & Compliance Officer of ENOC.
Last year, ENOC launched a renewed corporate governance programme in line with its expanded geographic presence and business diversification. A Corporate Governance Progression Level Matrix has also been adopted that aligns all related practices of the company with international benchmarks.