Corporate Governance is central to an organisation's operations, stakeholders, and reputation. The principles and integrity captured by an organisation's corporate governance practices are central to the ongoing ability to pursue and achieve long term objectives whilst ensuring ongoing transparency, accountability, fairness, and responsibility. The Red Sea Development Company takes a comprehensive approach to setting new standards in good governance, compliance, and risk management. We have embedded a holistic approach to structural governance into the business at every level, from construction through to hospitality operations.
Compliance and Ethics
The Red Sea Development Company is committed to conducting its business in accordance with the highest ethical standards where all stakeholders are responsible for ensuring Compliance to both the letter and the spirit of the law.
Compliance and Ethics are embedded into our activities, functions, and processes to ensure that the responses to compliance obligations remain current and dynamic. It is our policy to be transparent in our compliance management process both internally and externally, to create awareness and understanding of our compliance culture.
Code of Conduct
We have developed a comprehensive internal Code of Conduct which sets out the legal and ethical behaviours we expect of our employees. Our Code of Conduct focuses on areas of business conduct and ethical risk, and provides guidance to deal with ethical issues, as well as mechanisms to report on unethical conduct, to help foster a culture of honesty and accountability.
Supplier Code of Conduct
Our principles also extend to those we work with, and we have simultaneously created a Supplier Code of Conduct to ensure that all our stakeholders are committed to the highest standards of ethical conduct.
The Supplier Code of Conduct establishes a code for all current and potential suppliers, vendors, and contractors to help focus on areas of ethical risk and mechanisms to report on unethical conduct. Suppliers have a duty and personal commitment to us to uphold our common ideals.
Internal Control Toolkit
Our Toolkit aims to help organizations implement a best practice approach towards good governance. The Toolkit offers step-by-step guidance, roadmaps, templates, and tools through the different governance elements that can be implemented across a project or organization.
This is the Toolkit that we have developed at The Red Sea Development Company and will continue to follow, and are now proudly sharing for the benefit of all.
At The Red Sea Development Company, we have zero tolerance towards any form of discriminatory behaviour and continually ensure that our employees and relevant stakeholders are provided with a safe means to report incidents of misconduct, including, but not limited to, fraudulent activities, misuse of assets and/or authorities, misrepresentation of facts, workplace harassment, and non-compliance with required obligations.
In the case of having a concern about possible misconduct, you can report your concern anonymously via our Whistleblowing Platform.
Good governance is what unifies us to deliver The Red Sea Project successfully.
In the 8th and final of our Ground Breakers video series, our leadership team elaborate on how we’re Breaking New Ground in abiding to the same set of ethical standards.