DUBAI – The Peal Initiative, the GCC-based, private sector-led, not-for-profit organization developed in collaboration with the United Nations Office for Partnerships to promote transparency, accountability, corporate governance and best business practices in the Arab world, has announced that Construction Products Holding Company (CPC) is the newest Corporate Partner to join its growing regional network of business leaders committed to driving joint action and sharing knowledge and experience. As a not-for-profit membership organization, The Pearl Initiative catalyses joint collaborative action between regional and global business leaders, international institutions, government bodies, wider initiatives, and cross-sector partnerships. The organization welcomes its Partner Companies based on their commitment to improve business practices. Faysal Alaquil, CPC Director of Business Development and Head of Social Responsibility, said: "There is a very important role for Saudi Arabian companies to play in fostering good corporate governance principles in Saudi Arabia and the region, by being an example to other companies, as well as benefiting from partnerships such as The Pearl Initiative. There is a great opportunity for us, as a participant in such a significant organization, to be one of the influencers in key programs, activities and research carried out by The Pearl Initiative, to address issues in implementing responsible business practices." "This new partnership shows CPC's commitment to continuing our performance and implementation of well defined corporate governance structures and standards. It is in our core strategy to develop transparency, accountability and corporate responsibility standards, reflected in our board diversity, capability and responsible business plans," Alaquil added. The Peal Initiative offers its Partners a number of key privileges. These include receipt of all research, analysis and briefings carried out by the organization, access to resources that allow peer-to-peer exchange, opportunity to exhibit leadership and progress in corporate governance and transparency, and a chance to participate in exclusive events and roundtables with key influencers in the region. Imelda Dunlop, Executive Director of the Pearl Initiative, said: "We are very pleased to welcome CPC to our network as a Corporate Partner. Today, there is a growing realization of the critical role corporate governance and transparency play in the development of modern businesses, as they enhance investor confidence and help in developing the capital markets of the region. This is vital in moving the wheel of competitive economic growth, spurring job creation and enhancing sustainable social development." – SG
