The Governance of Corporate Sustainability in the Middle East: Preliminary Insights
Abstract
This paper explores the extent to which companies incorporate best practices for the governance of sustainability in the Middle East. The empirical content in this paper is based on the analysis of company’s disclosures in the annual and sustainability reports of fifteen companies from the Middle East that are listed in the S&P/Hawkamah Pan Arab ESG Index. The research presented in this paper shed the light on some of the practices currently being employed in Middle Eastern companies to govern and manage their sustainability strategies. This study found that top Middle Eastern companies are catching up the global best practices in incorporating sustainability into some structures and processes. However, sustainability governance structures and processes where middle eastern companies are lagging include sustainability committee at board-level, sustainability related mission, vision and values, sustainability assurance, sustainability related trainings and separate sustainability department. In addition, this paper provide several illustrations of how top middle eastern companies are exhibiting sustainability governance structures and processes in their sustainability reports. This information can be used to better understand the state of play of sustainability governance in the middle east and can inform the policy makers for the possibility of regulation in this area. This research is equally beneficial for companies and managers in benchmarking their practices against sustainability leaders and to learn how to embed sustainability into their business practices.
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