Abraaj’s Corporate Governance philosophy is not new.  For example, the 2005 edition of the Employee Handbook referred to the establishment of high standards across the whole group.  It went on to say that honesty, integrity and respect will be the underlying personal qualities in all our transactions and referred to the need for members of staff to stretch ourselves to become excellent at what we do. Finally, the 2005 Handbook confirmed Abraaj’s commitment to maintaining the highest standards of professional excellence.  Abraaj still believes that its corporate governance is of the highest importance in our success, now and that it will continue to be so in the future.

 

In addition, the Firm’s Regulator – the Dubai Financial Services Authority has said that ”There are particular risk elements that may substantially affect an Authorised Firm’s overall risk classification.  For example, compliance and management culture are risk elements which may be rated more highly than other elements.  Inadequate compliance systems and controls as well as poor management culture directly affect most other risk elements therefore, may impact on an Authorised Firm’s minimum risk level”.

 

Accordingly, Abraaj recognizes that its long-term corporate success depends not only upon the business in which it engages but also upon the manner in which it conducts that business.  Abraaj believes that a conducive compliance environment is needed to enable sustained wealth creation.  These matters are strategic in nature - and form part of the focus of Abraaj’s Holistic Compliance and Governance Framework (“the Framework”).  The Framework combines two complementary disciplines – Compliance and Governance - that are fundamental to Abraaj in informing it how to conduct its business. 

 

The Framework consists of three parts:

2. The Compliance Compendium

3. Compliance Declarations

 

The text that follows provides more details about the Framework.