Pearl Initiative, the Private Sector-led, not-for-profit organisation that promotes business accountability, transparency and corporate governance in the Gulf region, has announced Gulf Petrochemical Industries Company (GPIC), the Bahrain-based petrochemical and Fertilizer Company, as its most recent Corporate Partner.
Being a not-for-profit organisation, the Pearl Initiative is an institution for the Private Sector in the Gulf Region to proactively take a lead in raising standards of corporate sustainability, governance, responsibility and integrity because it makes business sense. This philosophy has been at the core of the GPIC business ethos over its 35 year history of being a key part of the Kingdom of Bahrain’s economic landscape.
As GPIC’s President Dr Abdulrahman Jawahery, said, “From the very beginning, we understood that a competitive advantage can only result from weaving social and environmental considerations into business strategy. We continuously look for ways to reinforce GPIC’s commitment to its vision of serving the nation by delivering excellence throughout its operations.”
An example of this commitment is GPIC’s drive to establish and extend its corporate responsibility strategy into a proactive engagement programme that assists in a myriad of social sector services such as education, health, skills development, poverty alleviation, women empowerment and infrastructure improvement.
There is also much synergy through engagement with the United Nations Global Compact, the world’s leading corporate citizenship initiative. As the strategic Programme Partner of the UN Global Compact in the Gulf Region, the Pearl Initiative drives joint Programmes for the Private Sector in areas such as anti-corruption good practices and gender diversity in business. GPIC joined the UN Global Compact in 2012 and by doing so, committed to make the UN Global Compact’s ten principles of corporate responsibility part of its business strategy and day-to-day operations.
A commitment to advance transparency is also part of GPIC’s engagement with the UN Global Compact, as it involves an annual Communication on Progress Report, in order to update stakeholders on advances made in implementing the corporate responsibility ten principles. GPIC’S most recent Communication on Progress is its second Sustainability Report, which highlights its leadership commitment to corporate citizenship and sustainability through an introductory message.
Advisor to HRH Prime Minister for Industrial and Oil Affairs, GPIC’s Chairman, H.E. Sheikh Isa bin Ali Al Khalifa writes; “Sustainability is at the heart of the GPIC story. We are mindful of the fact that the future growth strategy of our company relies on how we measure and manage our stakeholder engagement, social responsibility, environmental sustainability, and our overall financial optimization. We are aware that our business can only be as healthy and resilient as the communities we live and operate within and as a result, we benchmark ourselves against the best, share best practice and provide leadership in this field at regional and international levels.”
On the announcement of the Partnership with GPIC, Imelda Dunlop, Executive Director of the Pearl Initiative, said, “We are very pleased to welcome a prestigious organisation such as GPIC as a Corporate Partner. Today, there is a growing realisation of the critical role corporate accountability and transparency play in the development of modern businesses. These elements are vital in moving the wheel of competitive economic growth, spurring job creation and enhancing sustainable social development. This Partnership is about combining our learnings and experiences of the benefits of best practices, in order to reinforce positive regional experiences and encourage more companies to raise business standards and implement sustainability principles.”