Red Sea Global Becomes First Saudi Company in Kingdom to Achieve Standard for Good Governance
The company has successfully aligned its management system tothe ISO37000 Governance of Organizations,a prestigious guidance document acknowledging good governance and responsible stewardship
Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, THE RED SEA and AMAALA, has become the first company in Saudi Arabia to achieve the ISO37000 for good governance.
Developed by the British Standards Institution (BSI) and launched in September 2021,the standard is the first of its kind and provides guidance on the governance of organizations. It recognizes businesses that go beyond practicing good governance in siloed singular departments, by operating ethically and effectively at an enterprise-wide level to fulfill its purpose as a business.
“We pride ourselves on being one of the world’s most responsible developers, and environmental and community considerations sit at the very heart of all our operations. Despite the complexities of current global challenges, we have continued to embrace an ethos of radical innovation – alongside transparent and stringent governance frameworks – to create possibilities which drive better outcomes for people and planet”, said John Pagano, Group CEO of RSG.
“To be recognized as the Kingdom’s first company to align with the ISO37000, istestament to our ESG credentials and the visionary approach we’re taking to set new standards in sustainable and regenerative tourism”, he added.
Moving away from traditional governance frameworks to a multi-stakeholder approach has allowed RSG to define and assign responsibilities which make decision-making more accountable. Signing up to international guidelines and reporting structures such as the Global ESG Benchmark for Real Assets (GRESB) and the Open Compliance & Ethics Group (OCEG), are key examples of this.
“At RSG, we invested in strong governance early, recognizing the crucial role that it would play in setting the highest standards with our suppliers and our workforce. Achieving the ISO37000 reaffirms our dedication to not only implementing policies and processes that set us up for success, but also creating frameworks that serve as a benchmark for others in the industry”,said Dr. Maryam Ali Ficociello, Group Chief Governance Officer of RSG.
In 2021, RSG released its Internal Control Toolkit, a guide to best practice in governance, for other organizations in Saudi Arabia to implement and benefit from, as part of its Corporate Social Responsibility (CSR) effort. The toolkit offers step-by-step guidance through the governance procedures that can be rolled out from day one of any project or business set up,and was downloaded by more than 1,000 organizations.
Abdullah Alabdulwahid, General Manager at BSI Group Saudi Arabia said:“RSG’s approach to structural governance across the organization goes beyond the requirements of local legal and regulatory frameworks,and meets standards at the highest international level. We want to congratulate the company for its efforts and look forward to witnessing its growth and transformation.”
RSG has already passed significant milestones, with THE RED SEA on track to welcome its first guests in 2023 and AMAALA ramping up work on the ground to prepare for its first guests in 2024.
