Corporate Governance
The IDO supports the strategic path and vision for growth and prosperity of the Emirate. This requires the application of high global standards of ethics and governance in order to create sustainable success for generations to come.
The IDO has implemented and adheres to robust governance policies. These set out clearly defined roles and responsibilities for the IDO’s Board, Board Committees and Employees, to ensure appropriate accountability.
Board Committees
Investment Committee
The Investment Committee is appointed by, and reports to, the IDO Board and is responsible for producing an investment and divestment strategy that complies with the IDO’s aims and risk appetite.
Portfolio Review Committee
The Portfolio Review Committee is appointed by, and reports to, the IDO Board and is responsible for conducting periodic reviews of the performance of the IDO’s portfolio of companies to ensure a focus on increasing its value.
Audit Committee
The Audit Committee is appointed by, and reports to, the IDO Board and provides oversight on the appointment of external auditors, financial reporting in accordance with International Financial Reporting Standards, and systems of internal control and internal audit processes.
Risk Committee
The Risk Committee is appointed by, and reports to, the IDO Board and is responsible for overseeing the implementation of the IDO’s risk management framework.
Human Resources, Nomination and Remuneration Committee
The Human Resources, Nomination and Remuneration Committee is appointed by, and reports to, the IDO Board and is responsible for conducting periodic reviews of the Human Resources policies and procedures of the IDO’s portfolio of companies to ensure implementation of best practices.
Governance Policies
The IDO Board has approved Corporate Governance Policies and Procedures in respect of
Anti-Fraud
The IDO strives to ensure that all its financial and administrative processes are carried out and reported honestly, accurately and transparently. The IDO has implemented effective anti-fraud policies and procedures to limit its potential exposure to fraud and to minimise any financial loss.
Anti-Bribery and Corruption
The IDO is committed to conducting its business with honesty and integrity and in full compliance with applicable anti-bribery and corruption laws and regulations. Accordingly, the IDO has a zero-tolerance policy towards bribery and corruption, including bribes or improper benefits, inappropriate gifts and hospitality and facilitation payments. The IDO has put controls in place to ensure that its employees and, where applicable, third parties comply with the principles of the IDO Anti-Bribery and Corruption Policy.
Anti-Money Laundering
The IDO is committed to conducting its business with honesty and integrity and in full compliance with applicable anti-bribery and corruption laws and regulations. Accordingly, the IDO has a zero-tolerance policy towards bribery and corruption, including bribes or improper benefits, inappropriate gifts and hospitality and facilitation payments. The IDO has put controls in place to ensure that its employees and, where applicable, third parties comply with the principles of the IDO Anti-Bribery and Corruption Policy.
Conduct and Ethical Standards
The IDO is committed to ensuring that its employees exhibit the highest standards of ethical behaviour. The IDO has put in place policies and procedures to ensure that all employees act with integrity, respect, and professionalism and to safeguard the reputation of the IDO and the Emirate of Ras Al Khaimah.
Conflicts of Interest
The IDO recognizes that potential and actual conflicts of interest may arise in a wide variety of circumstances and situations. The IDO has instituted clear policies and procedures to assist the IDO Board and employees to navigate any such conflicts successfully.
Directors’ Corporate Governance
The IDO undertakes its business transparently, responsibly and in accordance with robust corporate governance processes and practices and is committed to the highest standards. The IDO has implemented policies to ensure that its Board of Directors carries out their activities in an accountable, proactive and professional manner.
Procurement
The IDO has put in place policies and procedures to ensure that it obtains the best value for money in the procurement of goods and services, based on sound procurement principles and as a result of transparent, objective, time and cost-effective decision-making and risk management.
Sanctions
The IDO is committed to fully complying with all applicable laws and regulations regarding sanctions. Accordingly, the IDO has established and maintains policies and procedures which are designed to detect and prevent violations of sanctions.
Whistleblowing
The IDO is committed to conducting its business with honesty and integrity. It expects all IDO employees to maintain high standards in accordance with its policies and procedures. However, all organizations face the risk of improper activity from time to time, or of unknowingly harbouring illegal or unethical conduct. A culture of openness and accountability is essential in order to prevent such situations occurring and to address them if they do occur.
If an individual has a concern, he/she should report it via either:
- Email: whistleblower@ido.ae;
- Telephone: +971 50 270 1926 (this telephone number is the direct line of the IDO Chief Audit Officer);
- If the individual believes that the IDO Chief Audit Officer has a conflict of interest issue, then he/she may contact the IDO Managing Director in writing at: Investment and Development Office, P.O. Box 12222, Ras Al Khaimah, UAE
- As a final recourse, if the individual believes that the IDO Managing Director may have a conflict of interest issue as well, the individual may escalate the concern in writing to the IDO Chairman or Vice-Chairman at: Investment and Development Office, P.O. Box 12222, Ras Al Khaimah, UAE.