The GCC Board Directors Institute (BDI), the regional, not-for-profit, corporate governance institution, has announced the opening of its office in Bahrain.

BDI was launched in 2007 with the support from Saudi Aramco, Investcorp, Sabic and EmiratesNBD.

Over the past 5 years, and with over 300 members, BDI has established itself as a principal front of comprehensive corporate governance practice education programs and services.

It is the result of an initiative led by four leading advisory institutions - McKinsey & Company, Allen & Overy, Heidrick & Struggles, and PriceWaterhouseCoopers.

The new office located in capital Manama will strengthen BDI's presence in the Gulf region and principally focus on increasing awareness and implementation of good corporate governance practices in Bahrain and other GCC countries, said a senior official.

Announcing the launch, Dr Abdullah Al-Abdulgader, the founding executive director of BDI, said,'The Bahrain foray is an important step towards realizing our goals which is to build GCC board member capabilities and enhance their understanding of best practice board governance.'

'The new office for BDI will be the first of many important developments for BDI in 2012 and going forward' he added.

BDI has been registered as a professional body, in the Kingdom under the umbrella of the Central Bank of Bahrain (CBB).

Welcoming BDI to the Kingdom, CBB governor Rasheed Mohammed Al Maraj said, 'We are pleased to support such a positive initiative and we look forward to supporting their growth in the region.'

'High standards of corporate governance are essential to improve the national investment climate and promote the development of a vibrant private sector and capital market,' he stated.

Mohammed Al-Shroogi, Investcorp president, Gulf Business, [and BDI GCC board governor] said: 'We firmly believe that enhancing board members' knowledge and capabilities is key to improving board effectiveness.'

Through dynamic and interactive training and development opportunities, BDI continues to reach an ever-growing audience of board directors from the private and public sectors.

'BDI provides members with access to global best practices and benchmarks, so that decisions are made effectively and it is understood that sound corporate governance is a core element of a company's business strategy,' he added.-TradeArabia News Service