Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has held the second edition of the PIF Directors’ Gathering, bringing together more than 1,000 directors and executives from Saudi Arabia and around the world in the Kingdom’s capital.
The event focuses on priorities between PIF and its portfolio companies, besides exchanging insights and enriching the PIF ecosystem, according to an official statement.
Moreover, it involved directors and executives from approximately 220 PIF portfolio companies, of which PIF has created and established 103, in line with part of its mandate to drive Saudi Arabia’s economic transformation.
Speaking to the delegates, PIF Governor Yasir Al Rumayyan, highlighted PIF’s vision and that the roles of boards include three main priorities: brainstorming and setting strategy; ensuring the right governance frameworks are in place for management; and monitoring performance, with a view to the ever-changing macro-economic context and evolving innovations.
Al Rumayyan stressed that the priorities could transform challenges into opportunities to lead, grow and innovate.
He further stressed the importance of collaboration among companies in the PIF ecosystem, reminding delegates that collaboration should be seen as the main measure of success.
Al Rumayyan also urged directors to begin seeing PIF and its 220 portfolio companies as a single ecosystem and use this thinking to benefit from the variety of strengths and experiences across PIF and its companies.
Meanwhile, directors and executives discussed topics such as redefining board impact in the context of national transformation, continuously strengthening oversight in a changing risk landscape, planning for management succession, and navigating the governance issues which AI and other burgeoning technologies present.
Delegates also emphasized the important of a growth mindset as well as the potential for synergies given the untapped potential in the PIF ecosystem and the private sector.
The forum is part of PIF’s wider corporate excellence program, which includes the Center for Governance, founded in 2020. The center is a dedicated platform offering board members, from both within and outside the PIF ecosystem, guidance and development opportunities with the aim of using corporate governance to create sustainable value in Saudi Arabia and globally.
In addition, the center provides its services through three main business lines: development programs, advisory services, and research and thought leadership.
It also equips directors and company secretaries with the knowledge and tools they need to ensure and build on effective governance through more than 70 tailored programs on relevant subjects including IPO preparation, sustainability, board effectiveness and audit oversight.
PIF’s work to spread best practice in corporate governance is designed to spur innovation throughout the local private sector and make Saudi Arabia an ever more attractive place for international companies to do business.
As one of the world’s most impactful investors, PIF enables the creation of key sectors and opportunities that help shape the global economy while driving Saudi Arabia’s economic diversification.
The PIF Directors’ Gathering was launched in 2023 with the goal of serving as a cornerstone for collaboration, insight-sharing, and advancement of boardroom excellence, not only across PIF and its portfolio companies but also more broadly. It also contributes to the dialogue on effective governance and board leadership at both regional and global levels.
