The Pearl Initiative, the not-for-profit organization that seeks to create a corporate culture of accountability and transparency in the Arab world, takes the first step in providing actionable insight to companies and governments across the GCC and Middle East by launching the first report in its series on corporate good practices. This report focuses on the implementation of integrity-related policies as well as efforts towards integrated reporting. It aims to demonstrate that high standards of accountability and transparency can enable long term direct value creation. Added to this is the opportunity to share experiences and provide practical lessons from GCC based companies that are ahead of the curve in implementing good practices. The good practice examples illustrate efforts made by a selection of companies that appear to be working and are therefore worth sharing, with the wider business community. The case studies included in this first Report are just the first step in building up a comprehensive knowledge base of good practices in operation right around the region. The research indicated a number of success factors that other companies would be well advised to adopt. Regarding the implementation of integrity-related practices, common themes include; visionary leadership, stakeholder viewpoints, local and cultural context, accessibility. On the issue of integrated reporting, understanding stakeholder priorities, qualitative and quantitative data generation, and credibility are key to effective implementation. “The Pearl Initiative seeks to catalyze joint action from the private and public sectors to create an environment where there are genuine incentives for raising the standard of corporate practices. We believe that implementing better standards of accountability and transparency will raise the level of talent in an organization, improve standing within the business community and ultimately make a company a more attractive investment proposition.” Badr Jafar, co-founder of the Pearl Initiative, said: “In order for the Pearl Initiative to make a difference to the public and private sector companies operating across the Saudi Arabia we must show clear business benefits for introducing integrated reporting, integrity-related policies, higher standards of corporate accountability and transparency. All of the companies that have been independently researched within this report are well-known and leading companies within their respective markets and the region. We hope that other companies will follow their example and join on this journey towards more responsible business practices.” Imelda Dunlop, Executive Director, Pearl Initiative, said: “Both the public and private sectors will benefit from the launch of this report, the first of its kind in the GCC. We have produced a truly independent report that will influence the thinking and the behavior of the wider business community across the GCC. We produced this as a response to the lack of credible insightful data available on corporate practices in GCC companies.” — SG
