Philips has joined the Pearl Initiative, a GCC-based not-for-profit organisation that aims to promote transparency, accountability, corporate governance and best business practices in the Arab world, as a corporate partner.

Philips is dedicated to governance in the region with a legacy of strong governance practices applied throughout its global offices, said a statement.

The Philips General Business Principles (GBP) governs the business’ decisions and apply equally to corporate actions and to the behaviour of individual employees, it said.

They incorporate its fundamental principles for doing business with the intention of ensuring compliance with laws and regulations, as well as with Philips’ norms, values and standards.

The Pearl Initiative catalyses joint collaborative action among regional and global business leaders, international institutions, government bodies, wider initiatives, and cross-sector partnerships.

Founder Badr Jafar and executive director Imelda Dunlop signed a strategic partnership with the United Nations Global Compact recently, committing to collaboration on a number of programmes in countries across the Mena region.

Philips has been a global signatory of the UN Global Compact principles since 2007.

Roy Jakobs, CEO, Philips Middle East and Turkey, said: "We are delighted to partner with the Pearl Initiative to help spread the practice of good governance across the region. We strive to ensure that our company applies compliance with the highest standards of transparency and accountability to promote ethical conduct, and full, accurate and timely disclosure procedures to avoid conflicts of interest.”

Dunlop added: “Today, there is a growing realisation of the critical role corporate governance and transparency play in the development of modern businesses. These elements are vital in moving the wheel of competitive economic growth, spurring job creation and enhancing sustainable social development. This partnership is about using our knowledge of the region and experience of driving awareness of the benefits of best practice to reinforce positive regional experiences, and encourage more companies to raise business standards and fight corruption.” - TradeArabia News Service