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The Mauritius Institute of Directors hosted a panel discussion exclusively for its members, from both private and public sectors, comprising of an esteemed panel of business leaders and policy makers to address the issue of “Corporate Governance in the post COVID era”.
In this unprecedented era caused by the Coronavirus outbreak, many familiar features of the corporate governance landscape have changed significantly. Organizations are facing difficult times as the measures being deployed to slow the spread of COVID-19 are impacting capital markets, supply chains, and business operations.
“A strong corporate culture, reinforced by effective governance practices, is more important than ever in this post-pandemic era and thus, treating corporate governance as last priority on the board’s agenda is the last thing to do. Undeniably, Boards are facing a complex new reality as a result of COVID-19 where the new environment is characterized by pressures and
Hasan Al-Zahrani has been the executive director of power systems at Saudi Aramco since December.
Al-Zahrani received a bachelor’s degree in mechanical engineering from King Fahd University of Petroleum and Minerals. He also obtained a master’s degree from the University of Hull, and his Ph.D. in engineering management from Dublin City University.
Al-Zahrani, former president and CEO of Luberef, a Saudi Aramco-Jadwa joint venture whose main line of business is to produce and market base oil locally and globally, has been working for Aramco since 1980. Most of his services were in upstream and downstream, facility planning and central engineering.
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When it comes to a corporate board’s oversight of compliance programs, it’s no longer business as usual.
In 2019, a Delaware court shifted the board oversight standard from “sustained or systemic failure of the board to exercise oversight” to a proactive requirement that directors “must make a good faith effort to implement an oversight system and the monitor it” – a requirement that dovetails with the Department of Justice’s (DOJ’s) compliance update this past June, whereby leadership’s oversight of compliance will be judged by their ability to focus on risks unique to their company, use data to test programs and track effectiveness, and demonstrate evolution of said programs, among other criteria.
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