Dewa bags World Finance Corporate Governance Award

Dewa bags World Finance Corporate Governance Award
Published: 6 January 2019 - 5:15 a.m.

Dubai Electricity and Water Authority (DEWA) won the World Finance Corporate Governance Award 2018 in the UAE, presented by World Finance, London.

DEWA is the only organisation from the UAE to win the award, along with 32 international entities, including Twitter (US), SABIC (Saudi Arabia), Amadeus (Spain), and Metro Group (Germany).

This award comes in recognition of DEWA’s excellence in adopting the highest standards of compliance and corporate governance, achieving its vision of being a sustainable innovative leading utility.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, expressed his pleasure at DEWA obtaining this award that is a new global recognition of DEWA’s track-record of achievements, especially in the field of good governance and the dissemination of its principles amongst all functional groups across all DEWA’s divisions and departments. This is one of DEWA’s key pillars on its path towards excellence and global leadership.

Al Tayer said: “DEWA adopts clear procedures, policies, and strategies to ensure good governance practices, and complies with the regulations and laws governing its work according to the highest standards, and best practices of accountability, transparency, inclusiveness, and fair practices, which supports our efforts in achieving sustainability and flexibility in doing business. This comes in line with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, to ensure the UAE ranks first in all fields, and achieve the objectives of the UAE Centennial 2071 and the UAE Vision 2021 which aim to make the UAE one of the best countries in the world.”

“DEWA operates according to the World Bank’s best practices for electricity and water suppliers around the world, which includes following a comprehensive governance framework and implementing a corporate governance policy and charter. DEWA’s governance framework comprises the classic components of governance such as: board oversight, a clear organisation chart and span of control, a well-documented strategy, and proper delegation of financial and administrative authorities. There are also a full suite of management level committees and comprehensive policies covering all functions, including a Code of Conduct and Ethics and an Employee Handbook; all of which aid in dissemination of good governance elements within DEWA. In keeping with international guidelines, DEWA adopts the three lines of defence model, with management and supervision being the first line; risk, compliance, legal, and governance being the second line and internal audit as the third line.

Waleed Salman, Executive Vice President of Business Development & Excellence at DEWA, added: "The World Finance Corporate Governance Award is another accolade to add to DEWA’s exemplary record, and we are honoured to be the only organisation in the UAE, to win this global governance assessment of major companies around the world. Winning this award comes as a recognition of DEWA’s efforts and comprehensive plan for compliance and good governance, which takes into consideration DEWA’s ability to adapt changes that affect local, regional and global energy sector, and utilising the relevant opportunities. This promotes DEWA’s global leading position in adopting the world’s best practices and creating new opportunities in energy sector. We will continue on our efforts to achieve higher levels of excellence, in line with the strategic vision of DEWA’s leadership.”

World Finance Magazine is a global magazine covering finance, banking, investment, and equity worldwide. It provides comprehensive coverage and in-depth analysis of the financial industry, international business, and the global economy.

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