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The Saudi Arabian General Investment Authority (SAGIA) and The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) have agreed to launch a joint initiative designed to raise investor awareness of effective corporate governance around the world. The centerpiece of the plan will be a list of 100 senior executives -- including chairmen, chief executive officers or presidents -- of publicly traded companies who embody innovation, thought leadership and competitiveness.
The National Competitiveness Center (NCC), a division of the Saudi Arabian General Investment Authority (SAGIA), and NASDAQ OMX will screen executives for the "100 CEOs List" using criteria based on best practice guidelines, competitiveness, financial performance and other data indicators.
The list will serve as a reference tool for the investing public and provide another measure of corporate performance. The 100 CEOs list will highlight exemplary corporate governance and executives who have demonstrated a commitment to effective practices and policies.
His Excellency, Mr. Amr Abdullah M.A. Al Dabbagh, SAGIA Governor and Chairman of the Board, said, "Saudi Arabia has worked over the last 4 years to improve its economy, using competitiveness as the driving discipline for its work. This dedicated focus has resulted, for example, in the World Bank ranking the country number 16 globally in its ease of doing business. We are now turning our attention to other aspects of competitiveness, including those impacting private sector.
"We are pleased to work with NASDAQ OMX in producing The 100 CEOs List, which will hopefully become a guide to good corporate citizenship, executive performance, and serve to further global understanding of how competitiveness principles can help to set apart corporate leaders as well as economies."
Magnus Bocker, president of NASDAQ OMX, said, "The 100 CEOs List will enhance transparency, raise investor awareness and inspire better corporate governance. We are pleased to partner with SAGIA on this important endeavor."
The 100 CEOs list will be international in scope but will initially be comprised of corporate leaders from the Saudi private sector. The list will be announced at the Global Competitiveness Forum in January 2010.
For more information about SAGIA, visit www.sagia.gov.sa
