Organized by the "Pearl Initiative" with the participation of Fahim Al Qasimi
A virtual seminar calling for corporate governance for small businesses
Al-Nadwa emphasized the importance of corporate governance and its strong influence on the company's reputation.
From the source
The Pearl Initiative, a leading non-profit organization led by the business sector in the Gulf region that seeks to spread an institutional culture based on accountability and transparency, held a hypothetical seminar to discuss the importance of establishing governance frameworks in the early stages of business establishment and their usefulness in attracting investors.
The seminar was moderated by the Director of Startups and Venture Capital at Amazon Web Services (AWS), Ned Jaroudi, and spoke about experienced investors and corporate governance experts, including Sheikh Fahim Al Qasimi, Partner in P & AQ (Emirates Institutional Consulting Company) And Investment), Managing Partner and CEO of MEVP (Middle East Venture Partners), Rabih Khoury.
Jaroudi began the discussion by stating the importance of corporate governance, and the interest of shareholders, stakeholders, employees and customers alike in it, indicating its strong impact on the company's reputation, which either leads to an increase in the company's valuation or a decrease, which affects the result in attracting the company to investors and capital.
The results of a survey conducted during the discussion indicated that the biggest challenge faced by Gulf region companies interested in establishing strong governance frameworks is the lack of clarity of policies and procedures that should be included first. Understanding the “origins of the game” and how to adopt them is an essential part of attracting investors.
Sheikh Fahim Al Qasimi discussed the basic steps for establishing a stable framework that is easy to incorporate and implement financially.
“Governance is not a fixed approach, and it needs continuous development in sync with your business,” he said.
Start by creating a board of directors that will guide the company on the right path.
Record keeping is another element of governance methodologies, and its implementation is simple but extremely effective. These records display the operational history of your organization, and provide anyone wishing to buy or invest in your organization, a clear idea of your business and your methodologies.
For his part, Rabih Khoury said: “MSMEs seeking to raise investments need to adopt governance. They not only need a guide for the government, but they also need to ensure that it is implemented. Governance adds value, not only because of the evaluation perspective. , But also because it adds diversity. If governance is applied from the start, it reduces transaction risks, and protects the company and shareholders as well. Small and medium-sized companies can adopt emerging governance trends as they advance in the post-pandemic environment.
He continued: “There is no one solution or one-size-fits-all approach. However, the basic principles of governance are clear, and diversity is not only limited to gender balance or diverse demographics. The investor believes that diversity is also the diversity of perspectives and experiences that help Startups make critical business growth decisions.
The digitization of business and available technology has played a fundamental role in preventing global economies from collapsing during the pandemic, and emerging companies should take advantage of the technological and digital capabilities available for business in preparation for any future crisis and ensure that it is faced with flexibility. ”
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