Dubai Electricity and Water Authority (DEWA) has announced it has won the ‘3G Championship Award for Corporate Governance’ at the Global Good Governance (3G) Awards 2024.
Presented by Cambridge IFA in the UK, DEWA won the award following an auditing process conducted by Cambridge IFA, aimed at ensuring DEWA’s compliance with the “highest international standards” in governance.
DEWA shared that its governance model is centred around four pillars:
- Trust,
- Accountability,
- Transparency, and
- Fair practices.
It was noted that the organisation’s governance framework comprises key components, such as board oversight, a clear organisation chart and span of control, a well-documented strategy, and proper delegation of financial and administrative authorities.
There is also a suite of management-level committees and policies covering all functions, including a Code of Conduct and Ethics and an Employee Handbook, it shared.
Further, the organisation noted that it adopts the three-line defence model, with management and supervision being the first line, risk, compliance, legal, and governance being the second line, and internal audit being the third line.
DEWA also launched the Governance and Compliance Ambassador Programme, which, it said, seeks to draw upon the “best talent” in DEWA in governance and compliance.
Commenting on winning the ‘3G Championship Award for Corporate Governance,’ HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: “This award recognises DEWA’s efforts and our commitment to the highest standards of excellence and good governance, as well as our keenness to implement innovative practices that drive sustainable growth and enhance the value provided to all stakeholders in the long term.”