Alvaro Sanmarti / The National
Alvaro Sanmarti / The National

Governance in focus: An issue important to our well-being



Earlier this year, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, highlighted that in a fast-changing and challenging world, happiness and well-being are critical to our country’s economic future. He asked each of us to incorporate this crucial focus into our work.

Governance – both corporate and at the government level – refers to the mechanisms, processes and relations that are in place to keep an organisation happy and well.

An organisation on the right track to achieve its long-term goals will bring prosperity to all of its stakeholders – whether they are employees or the country at large.

While management is busy running things day-to-day, it is the board of directors that is responsible for ensuring good governance.

The board’s performance and its composition can have a significant impact on the workplace, resonating down into an organisation – promoting or hindering, for example, the development of women’s participation in the workforce, levels of transparency, innovation and the overall accountability taken by individuals.

This week, The National reports on the state of governance in the UAE.

__________

Governance in focus

Awareness: UAE companies increasingly aware of gains to be had

Management: Know your requirements before you set up a board

AGMs: When annual meetings become forums for confrontation

Virtual AGMs: When the AGM is everything but personal

History: Be good, because investors are watching more closely

Poll: Corporate governance in the UAE - have your say

Analysis: A good board brings right mix of knowledge and culture

Gender equality: 30% Club GCC chapter to boost women numbers on company boards

__________

We report on the link between good governance and productivity, employee welfare, and good HR and labour practices.

You will hear from the country’s top experts, including the Pearl Initiative’s Badr Jafar, Insead’s Ludo Van der Heyden, Fause Ersheid of the Abu Dhabi Centre for Corporate Governance and Ashraf Gamal Al Din, the chief executive of Hawkamah.

Special reports recount the history of corporate governance, show how Arabian Gulf countries compare internationally and highlight the role of women in governance.

Of course, engagement from our readers – individuals and the business community at large – is imperative to properly illuminate this topic. A series of online polls will gauge public opinion on the state of governance in the UAE. Twitter, Facebook and other mediums will also buzz with discussion. Our Workplace Doctor is also ready to answer any of your questions on this issue.

Let us know what you think: email business@thenational.ae or WhatsApp 056 995 1624.

malotaiba@thenational.ae

Follow The National's Business section on Twitter

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

SQUADS

UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan

Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

JOKE'S ON YOU

Google wasn't new to busting out April Fool's jokes: before the Gmail "prank", it tricked users with mind-reading MentalPlex responses and said well-fed pigeons were running its search engine operations .

In subsequent years, they announced home internet services through your toilet with its "patented GFlush system", made us believe the Moon's surface was made of cheese and unveiled a dating service in which they called founders Sergey Brin and Larry Page "Stanford PhD wannabes ".

But Gmail was all too real, purportedly inspired by one – a single – Google user complaining about the "poor quality of existing email services" and born "millions of M&Ms later".

The specs

Engine: 5.2-litre twin-turbo V12

Transmission: eight-speed automatic

Power: 715bhp

Torque: 900Nm

Price: Dh1,289,376

On sale: now

Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com


Latest
Most Read
Top Videos