Corporate Governance

 Through this blog, the concept and applications of corporate governance and its role at various levels will be shared in order to clarify the role of governance and how it is applied in entities and institutions in a way that enhances the work system's achievement of its goals and responsibilities, and through best practices.

The following is the definition of corporate governance, which is the development of an integrated and effective framework that ensures integrity, transparency, accountability, compliance with laws and legislations, and enhances trust with human resources, customers, stakeholders, and society as a whole.

From the definition, we note that governance is represented by a framework of rules and procedures for making rational decisions in the workplace, and this framework works to define work systems at all levels, both internal levels in the entity and work systems at external levels as a whole.

In other words, governance is an integrated, flexible, agile and proactive system that aims to govern the entity and manage the integrated work system and is subject to periodic evaluation with the aim of ensuring development and promoting application and best practices in all systems and internal and external relations of the entity.

From my point of view, governance is an effective and efficient management system for the entity in accordance with best practices and in a manner that ensures optimal application of them through incentives, accelerators and periodic evaluation to achieve the desired goals flexibly and proactively.

In order to ensure the optimal application of corporate governance in the entity, it is necessary to adopt correct concepts and systems to achieve its objectives, plans, tasks and responsibilities, and without neglecting any essential element of interests or relations between the customer, society, entity, human resources and others in order to achieve success.

In the latest international standards issued in corporate governance by the International Organization for Standardization - ISO - an international standard has been issued: (ISO 37000:2021 Governance of organizations Guidance).

   It includes the best practices of the governance guide for entities, and the following graphic shows an overview of corporate governance divided into four levels, and each level has its component elements, and the following are the four levels: (governance outputs, basic principles of governance, foundational principles of governance, and enablers of governance principles.

His Excellency Abdullah bin Aqeeda Al Muhairi

Secretary General of the Zakat Fund