Jeddah, Kingdom of Saudi Arabia –: Savola Group, a leading strategic investment holding group in the food and retail sectors in the MENA Region (Middle East and North Africa), has been selected among the top ten publicly listed companies in the Kingdom of Saudi Arabia in the Corporate Governance Index (CGI). Savola Group was awarded with the Excellence Award in the Corporate Governance Index, during the 3rd Global Conference for Corporate Governance which was held by the Corporate Governance Center at the College of Business of Al-Faisal University on December 22nd, 2021.
In this regards, Mr. Walid Fatani, CEO of Savola Group said: “We are proud of this award, as it illustrates the appreciated efforts made by every member of the Savola Group family, including the Board of Directors, committees, and executive management of the Group and its subsidiaries. I’m pleased to extend my gratitude to our Shareholders and employees for their support and confidence in Savola Group. Additionally, I extend my thanks and appreciation to His Excellency Dr. Mohammed Al-Hayaza the President of Al-Faisal University, and Dr. Mashhour Murad, CEO of the Governance Center, for their valued efforts in developing the Corporate Governance Index and honoring the distinguished companies in the Index annually as this will enhances good governance practices and encourages companies to adhere to them, which will reflect positively on the Saudi financial market and contribute to attracting foreign investors, thus supporting the Kingdom’s Vision 2030 and the national economy in general, wishing them all the best and success”.
The Corporate Governance Index (CGI) is defined as a scientific measure developed by the Corporate Governance Research Center at the College of Business at Al-Faisal University in cooperation with Harvard University to provide an objective database for companies listed on the stock exchange and build an independent and reliable index to assess the quality of corporate governance. The index assesses the governance practices in terms of administrational and organizational structure, policies, procedures, and practices related to four areas that include: the structure and role of the board of directors, the extent of commitment to the principles of transparency and disclosure, and the application of good practices towards shareholders and stakeholders as well as the protection of their rights.