India In-Focus — Shares fall; 1-5-year OIS spread drops to 29-month low; SpiceJet clears dues

KUWAIT: Zain Group has won the World Finance Best Corporate Governance Award 2022 for Kuwait for the second year in a row.

World Finance is a print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy.

The World Annual Finance Awards select and analyze some of the most diverse and succinct governance platforms and recognize leading organizations in that area.

As a leading entity listed on the Premier Market, Zain maintains regular contact with the country’s Capital Markets Authority, as it abides by and strives to exceed all fully financial regulatory bodies in Kuwait, including the Ministry of Commerce and Industry, the CMA, and Boursa Kuwait, the magazine stated.

“It is an outstanding achievement to be recognized as possessing the Best Corporate Governance practice in Kuwait for two years in a row, and this milestone just rewards our Investor Relations and Corporate Governance team’s high standards, professionalism and diligence,” the company’s Group CEO Bader A-Kharafi said.

Al-Kharafi added: “As a publicly traded organization, it is necessary for us to disclose certain information, though in Zain’s case we proactively seek to go beyond this minimum disclosure requirement. The publication of our annual and sustainability reports, regulatory disclosures, Corporate Governance framework, as well as our operational and financial reporting results, all point to our goal to be as informative, transparent, and supportive as possible to all stakeholders, that require company and financial information from us.”

By monitoring policy implementation while daily operations are running, Zain’s corporate governance framework assists the company in mitigating risks and facilitating effective board oversight over the company’s executive management, the group said.

Zain’s board of directors played a critical role in ensuring that the company conducts its operations in accordance with the highest standards of governance and ethical behavior, and that it contributes positively to society, the company added.

Zain Group has also expressed its concern with environmental, social, and governance indicators and ensures that ESG issues are incorporated into business strategy.