Alba wins praise for corporate governance
Manama, November 21, 2012
Aluminium Bahrain (Alba) said it had been selected amongst seven regional companies to be included in a landmark report on corporate good practices in accountability and transparency in the Gulf, and was also praised for its position on ethics, integrity and best business practices.
The report was published by the Pearl Initiative, a private sector-led not-for-profit organisation set up to improve transparency and accountability in the Arab world. It has been developed in partnership with the United Nations Office for Partnerships and is a centre of excellence at the American University of Sharjah, UAE.
The research for the regional report was conducted by MBA students from the University of Cambridge, United Kingdom and the American University of Sharjah, said a statement from Alba.
Alba’s success in developing and implementing its code of conduct was highlighted as a case study in fostering a culture of good governance, transparency and ethical conduct of business operations. Alba was also the only case study from Bahrain selected for the report.
The study also highlighted two critical factors for successful implementation – visionary leadership through active participation and example by the management; and a high level of employee and stakeholder involvement, it stated.
Commenting on Alba’s recognition, Alba’s chief internal auditor, Bryan Harris said, "It is interesting to note that Alba’s Code of Conduct, which has been praised in this report, was developed in consultation with employees who were particularly adamant that it conforms to international standards without any compromise."
"With such enthusiastic support from employees, we are confident that it creates a strong foundation for developing an ethically minded organisation that serves the interests of all of its stakeholders," he added.
Alba’s code of conduct was officially launched in June 2011, and was developed with input from all departments, representing a diverse cross-section of nationalities, genders, religions, ages and organisational levels.
It outlines the ethical parameters that govern the organisation, sets rules in the way business is conducted, provides guidelines in interactions with customers, suppliers and other external bodies, enhances transparency, and ensures organisational behaviour remains in line with the values of the company.-TradeArabia News Service