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SEDCO Holding strengthens the roles of its board, chief executives and committees in line with global IMD program

December 27, 2020, Holding

2020 SEDCO Holding
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Leader in responsible and sustainable investments is among the first family-owned companies in the region to achieve a balance between management, ownership and family relations

On 11 March 2020 as part of its efforts to enhance the role of board members, chief executives, and committees within the company and its subsidiaries, SEDCO Holding organized a special development program in cooperation with the International Institute for Management Development (IMD) – one of the world’s leading institutes in the fields of economics and management. The program was implemented in line with SEDCO’s commitment to developing the capabilities of its team members at all levels, and included a series of training sessions designed to enhance their leadership skills and strategic approach to managing the business more effectively in the local and global markets. The sessions also encouraged team members to apply their own insights to overcome challenges, with the goal of contributing to a positive transformation at both personal and leadership levels.

SEDCO Holding implemented the IMD training program in order to develop all aspects of the company’s performance, including its approach to corporate governance. This is regarded as an essential component of its corporate culture, which starts from the top of its administrative hierarchy – specifically, the board of directors and chief executives – and has established accountability, integrity, transparency, and independence as core values for all team members. The company has developed a comprehensive guide for the corporate governance that defines the necessary foundations, laws and regulations, contains general institutional policies, and constitutes a guide for business ethics that offers guidance for new managers at SEDCO Holding.

 

 

The development program included three main sessions presented by Professor Didier Cossin, Professor of Governance and Finance, and founder and Director of the International Institute for Management Development (IMD). The first session highlighted four models of conflict of interest and how to use these to assess the strengths and weaknesses of the administrative council, with the aim of achieving continuous development. The session also reviewed the basic principles followed by effective administrative councils in the world. This was followed by a session titled ‘Development of High Performance for Board Members’, which discussed the responsibilities of the Board of Directors and how to develop its role and performance. The final session showcased the strategy of SEDCO Holding’s Board of Directors and the roles of its members within the framework of this strategy. Several pivotal questions were asked to generate discussion around the strategy and who is responsible for it, as well as how to strike a balance between overseeing and supporting it.

 

Hasan Al Jabri, CEO of SEDCO Holding said: “SEDCO works closely with leading international institutions, and today we have explored governance systems that are the best within their category. Our program is greatly supported by the International Institute for Management Development, which was evident through the participation of its founder and general manager in these development sessions.”

 

Al Jabri added: “This active presence confirms SEDCO’s position as one of the leading family companies in the Kingdom in the application of the concepts of governance, an approach that has formed a solid foundation for the company’s continuing success and allowed us to achieve a balance between management, property and family relations. Based on this guidance, SEDCO has adopted strategic planning as part of its governance methods to ensure a smooth transition from one stage to another, which has further strengthened its presence at the forefront of family businesses in the region.”

 

Through its business strategy “Focus 2025”, SEDCO Holding has demonstrated a clear direction based on results, performance and responsibility to achieve value for its shareholders. The strategy emphasizes SEDCO Holding role as a local and international leader in targeted investment sectors, a position that has been attained through hard work and close cooperation between various departments and companies with a clear definition of responsibilities. To achieve its corporate governance goals, SEDCO implements a number of procedures and programs designed to encourage best practices among its employees and focuses on gaining a comprehensive understanding of the underlying mechanisms behind its multiple companies. “Focus 2025” also encourages thinking in the spirit of one team and making the best use of the great harmony and integration between the group’s various business units.

 

As a leading family company in the region, SEDCO was among the first to adhere to the Charter of Saudi Family Businesses issued by the Ministry of Commerce and Investment, which aims to maximize the value of the company and develop its business, educate family members about their rights and obligations, and establish a balance between the interests of family members and the interests of the company. SEDCO has reinforced this commitment by sponsoring activities such as the Family Business Forum that was held in Jeddah.

 

 

SEDCO Holding works continuously to develop the capabilities of its boards of directors and senior executives, whether family members or others. Team members benefit from a comprehensive program of training courses and workshops designed to enhance their strategic thinking skills and investment management capabilities, as well as provide a solid grounding in governance and control

 

SEDCO Holding has directed its long-term investments towards sectors that are in line with the goals of the Kingdom’s 2030 vision. These activities and investments include fields such as health care, education, asset management, hospitality – including Hajj and Umrah – and real estate. This diversity allows the company to generate greater economic and social impact, resulting in growth and prosperity for not only its shareholders, but the Kingdom as a whole.

 

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