Dedicated to being open and accountable
At Majid Al Futtaim, sound corporate governance is our commitment to maintain accountability in our professional conduct and to the stakeholders we engage with.
The strong potential for growth in the 1990s precipitated the decision to embed sound corporate governance across the business.
This involved the separation of ownership and management, bringing in a strong management team supported by majority independent Boards, and the voluntary adoption of the UK’s Combined Code on Corporate Governance.
We believe that effective governance is realised through leadership and partnership and that the role and actions of the Boards should compliment, enhance and support the work of the management team, while protecting and growing the shareholders’ interest.
Our business, property and affairs are overseen under the direction of the Majid Al Futtaim Holding Board, which provides independent oversight of the wholly owned Boards as well as the subsidiary operating companies’ management performance and holds the Board and management accountable to the shareholder.
Majid Al Futtaim Properties, Retail and Ventures all have their own autonomous Boards, with a majority of independent directors. These Boards are responsible for setting the strategic goals for each business. In this way they measure the success of their business objectives and are accountable for delivering sustainable improved performance. Each Board has a separate Audit and Risk Committee as well as a HR and Remuneration Committee.
Every business is held accountable for reviewing and improving business performance, and the Boards are no exception. Self and independent evaluations assess the Boards’ and Committees’ processes and effectiveness, skill sets, and the relationships between the independent directors and management.
Sound governance has become a brand feature at Majid Al Futtaim, which enables us to attract highly experienced Board Members, as well as the best and brightest regional and international management talent.