Saudi bourse to adopt new Nasdaq methodology
Riyadh, January 27, 2010
Tadawul, the Saudi stock exchange, will be the first bourse to implement a new Sagia/Nasdaq OMX methodology, which aims to come up with a 100 Most Competitive CEOs list, based on publicly disclosed data.
The Nasdaq OMX Group and the Saudi Arabian General Investment Authority (Sagia), had announced a new initiative to recognise competitive leadership behaviors that directly impact corporate performance, as found in publicly disclosed data.
The intent over time is to make the 100 Most Competitive CEOs list a global benchmark. The announcement was made at the 4th Global Competitiveness Forum, being held in Riyadh this week.
The list of the Most Competitive CEOs is being created to recognise outstanding leadership for companies with the highest standards contributing to business success. These elements include the ability to generate growth and create value, the ability to innovate and create new products and services, and adherence to high standards of corporate governance.
“The methodology that we have together created can serve as an aspirational
benchmark for Saudi Arabian and Gulf companies, and for publicly traded organisations around the world that are well governed and seek to create growth and prosperity,” stated Nasdaq OMX chief Bob Greifeld.
“We welcome our partnership with Nasdaq OMX in this program as they bring a truly global perspective and unsurpassed expertise in monitoring and assessing standards of corporate governance,” added Amr Al Dabbagh of Sagia.
“We are especially pleased that the initiative has deemed that Tadawul is well qualified to meet the required high standards of transparency and public availability of relevant, comprehensive, accurate and timely information,” said Dr Fahad Al-Mubarak, chairman of Tadawul.
The annual list will be developed by aligning corporate behaviour with indicators that drive competitiveness. Sagia and Nasdaq OMX will jointly develop a new data-based approach for evaluating corporate leadership behaviour.-TradeArabia News Service