SHARJAH — The Pearl Initiative, a leading non-profit business-led organization promoting a corporate culture of accountability and transparency in the Gulf Region, announces its collaboration with EY to drive an agenda for higher standards of corporate governance in the Private Sector.

Through this strategic collaboration, the two organizations seek to work closely to capitalize on one another’s distinct strengths in the field of corporate governance, to foster a more vibrant culture of transparency and accountability among Gulf businesses. The agreement also seeks to support private businesses in building trust across regional and international markets, which will lay ground for new investments, and help them create value for themselves as well as their stakeholders.

While businesses in the Gulf Region have done much to align their corporate governance structures with current operational and legal requirements and practices, there is always room for improvement. The key goal is to ensure that organizations are striving to build trust and confidence in employees, investors and all other stakeholders, while also focusing on value creation and economic growth.

EY will contribute with their leading know-how in successfully raising their clients’ corporate governance policies and practices, to the support the future efforts of the Pearl Initiative.

With a regional presence since 1923, EY has been on the leading edge of rapid globalization, new business technologies and continuous business change to offer its clients, which include multinationals, government organizations and large private-owned businesses, highly specialized advisory and value-added services.

Yasmine Omari, Executive Director at the Pearl Initiative, said: “Good corporate governance isn’t just important; it’s essential. It is key to the integrity of corporations, financial institutions and markets, and central to the health and stability of economies and ultimately the welfare of society at large.”

She added: “Our association with EY goes back to 2012, and we are proud to have them as part of our network once again. As a member of the Pearl Initiative network, EY will play a key role in displaying how ethics, transparency, initiative, commitment and quality are essential to the way they are doing business and are responsible for their continued success. Through this collaboration, we aim to offer Gulf businesses more compelling examples and innovative ways to pursue stronger corporate governance policies.”

Joe Murphy, UAE Managing Partner, EY, said: “We are very excited to be collaborating once again with the Pearl Initiative. The aims of the Pearl Initiative are closely aligned with the values that we have as an organization. The opportunity to be part of a collaboration to promote best practice in corporate governance and transparency is one that we welcome and will allow us to deliver on our responsibility to the wider society in which we reside.” — SG