JEDDAH – Adopting high standards of institutional accountability and transparency, as well as identifying business models and applying the same are essential to create more economic opportunities and sustainable work environment, a forum held in Jeddah recently underscored. The event titled “Good practices of accountability and transparency in the Gulf region”, organized by Construction Products Holding Company (CPC) in cooperation with “Pearl Initiative”, a non-profit organization led by the private sector that promotes good governance, transparency, and good business practices throughout the Gulf region, was attended by 60 representatives of private sector companies and universities in Saudi Arabia. Speaking at the gathering, Faysal Alaquil, CPC Director of Business Development and Head of the company's Corporate Social Responsibility, urged the launch of transparency and accountability initiative based on Islamic heritage and civilization of Saudi Arabia to spread it worldwide. He noted that it should be based on the correct understanding of our customs to create wide awareness among young people and children in order to enhance their patriotism, as well as to be part of its development, and the need for intensive efforts to achieve this. Alaquil added: “The values that govern work, hold great importance and must be implemented as much as possible, and to communicate with the community in order to serve its members for their mutual benefit.” The Forum also contributed to the merging of ideas on mechanisms for best practices by enabling strong alliances between corporations, the government and educational institutions, as well as possible impact of raising the level of values and attitudes in the working environment. Moreover, the Forum endeavored to create a wider environment of transparency and accountability in the region so as to support competitive economic growth and sustainable social development. This initiative was developed in cooperation with the United Nations Office for Partnerships (UNOP) – a body that promotes new collaborations and alliances that help fulfill the Millennium Development Goals (MDGs). The Forum further aimed to develop knowledge base on responsible business practices in the region to boost the capabilities of future business leaders. College students from various parts of Saudi Arabia submitted best case studies during the “Pearl Initiative” contest, where students of business colleges and universities in the Kingdom conduct research, prepare and present a case study on good governance, accountability and transparency with the aim of assimilating knowledge based on responsible business practices. It also strengthens the capacity of future business leaders by increasing the willingness of students to enter the world of business after graduation and learn about real applications for integrity and ethical values in the real business environment. — SG
