Good governance and ethical practices are very important in every social segment, especially in the financial sector. Changes in the economic environments and the political scenes affect both the performance and the growth expectations in the Middle East.

Ethical Boardroom Magazine, the leading journal for global governance issues has announced this year’s winners of Ethical Boardroom Corporate Governance 2017 Awards.

Lebanon-based Bank Audi S.A.L. and Bahrain’s international aluminium smelter Aluminium Bahrain (Alba) have been handpicked due to their outstanding governance practices and policies.

The finalists have been subjected to thorough analysis of their policies and structure as the board composition, the board committees, shareholder rights and transparency.

“High-performing boards will ensure that individuals are developed and that effective succession plans are in place, maintaining a governance framework that adds value to the business while safeguarding and enhancing the company’s values and reputation.”, Ethical Boardroom Executive Editor Miles Hamilton-Scott said.

Moreover, according to the magazine, family businesses constitute a big part of the economies of the Middle East. Thereof, effective family governance is about putting in place frameworks to allow for business continuity to the next generation while protecting the legacy of the founders.

Read more at AlwatanVoice.