• Adopts corporate governance progression level matrix aligned to international benchmarks
• New approach to create sustained long-term value and to manage future growth
Dubai, UAE; April 9, 2013: Emirates National Oil Company (ENOC) has unveiled a corporate governance programme that is set to international standards with the objective of creating sustained and long-term value and to manage the company's future growth across new geographic areas and diversified business segments.
Saeed Khoory, Chief Executive Officer of ENOC, launched the new programme that further builds on the existing corporate governance practices. A Corporate Governance Progression Level Matrix has also been adopted that aligns all related practices of the Company with international benchmarks. As part of the launch, an awareness session was conducted for the leadership team.
Saeed Khoory said: “The corporate governance framework for ENOC establishes our intent to work towards attaining regional leadership in implementing industry corporate governance best practices. As ENOC embarks on its value creation strategy of geographic expansion and business growth, it is imperative that all our processes are aligned with the core values and purpose of our organisation.”
He added: “This reflects our focus not only on enhancing our performance and productivity but doing so with the highest levels of business principles. Since inception we have been led by our core values of team work, integrity, transparency, respect and customer focus. We have further strengthened this with the inception of a Business Ethics & Compliance function and a Code of Business Conduct that is applicable across every operation of ENOC and its group companies as well as its partners. The corporate governance programme will further redefine the way we do business with a focus on values and ethics that safeguard the interests of our stakeholders.”
A wholly-owned company of the Government of Dubai, ENOC is today the strength ‘behind every successful journey' touching people's lives through its five business segments including Retail, Marketing, Terminals, Supply, Trading & Processing, and Other Ventures & Investments. The company also has a growing international footprint with established operations across the Middle East, Africa, South Asia and Far East Asia.
The Corporate Governance Progression Level Matrix adopted by ENOC has six key attributes and four levels starting with ‘compliance with laws and basic corporate governance formalities' to ‘corporate governance leadership.' With the new programme in place, ENOC will continuously assess the operations of all its companies to ensure that its existing levels of corporate governance conform to international best practices. These will be enhanced regularly to promote the Group's leadership regionally.
ENOC has already commenced assessment of its existing corporate governance practices across all companies led by a dedicated team. Following the review, a full-fledged ENOC Code of Corporate Governance will be developed and implemented by the end of the year.