At Prime we have implemented a corporate control culture to ensure that our operations are in full compliance with all corporate governance standards. Our dedicated team thus executes all business oriented strategies in a risk managed fashion, the matter which has contributed positively towards strengthening our relationships with our shareholders, our business partners and staff by providing transparency, credibility and accountability.
In this context, Prime strictly implements the Enterprise Risk Management (ERM), a technique that is mandated by the board as an approach to identify, address, assess, monitor and mitigate the various risks that Prime faces as a result of unforeseen events arising from strategic, operational, financial, technical, brand and legal risks.
Our corporate ethics and core values are promoted and outlined clearly within our Code of Business philosophy and it is crucial that all Prime members embrace this culture and abide by its principles at all times in order to govern employee behavior within the premises.
Furthermore, to prioritize reducing risk within business boundaries, a Business Continuity Plan (BCP) was drafted stating clear guidelines to be followed in the event of any unexpected crisis which may threaten the safety of Prime staff, the security of its assets, the continuity and stability of its operations and reputation.
Equal stress has been placed on the audit issue whereas Prime employs an efficient internal audit team that executes and adds value to all audit assignments as directed by the audit committee to ensure compliance with established policies and operational procedures whereby necessary changes are observed and recommended by the auditor.
In alignment with the above, the internal audit team at Prime plays a crucial role in performing a wide range of audit services including financial, compliance, operational, information technology audits as well as providing assistance and advice to ensure reasonable assurance that the management control systems throughout the Group are adequate and operating effectively.
As a listed company on the Egyptian Stock Exchange (EGX), we continuously strive to fulfill our responsibilities by adhering to the rules and regulations of the Capital Market Authority as well as other related regulatory bodies.
To emphasize the importance of this issue, the Board of Directors thus gives the highest level of independence to the Risk & Compliance and Audit teams.
CORPORATE SOCIAL RESPONSIBILITIES
It is the belief of Prime Holding's Management that any corporate has a social role to play as a citizen in the Community. Based on this belief, Prime Holding always takes the lead and positively participates in developing the community in a modern fashion aiming to empower women and help poor and needy people. Prime participated in various initiatives and projects among which are the following
A. "One Community, Equal Business Opportunity" Initiative
The World Bank and UNIFEM in collaboration with the Ministry of Investment have recently granted Prime Holding the “Gender Equality Seal” for participating and successfully implementing their “One Community, Equal Business Opportunity” initiative. The Seal was awarded to Prime Holding in a conference held in The National Council for Women on 31 March 2010 under the patronage of His Excellency Dr. Mahmoud Mohi Eldin, the Minister of Investment and her Excellency Mrs. Aisha Abdelhadi, the Minster of Manpower.
Prime Holding is one of nine other participating institutions in Egypt to have won this prestigious award.
For two years, under the guidance of the UNIFEM (the women's fund at the United Nations); Prime Holding exerted a lot of effort in promoting and executing the framework of the “Gender Equality and Equal Opportunity” Program which aims to transform institutions to make them more accountable to gender equality and women’s rights. Prime Holding took on this venture by fully supporting and implementing all aspects of this program, thus being a leading participant to provide a solid foundation for this program in Egypt.
This project initiated by the UNIFEM has been sponsored by the World Bank in conjunction with the Ministry of Investment, the Ministry of Manpower and Immigration, GAFI and the National Council of Women. While the UNIFEM provided financial and technical assistance for this initiative in addition to being its organizer and executer, all other bodies have contributed to fulfilling their roles towards fostering women’s empowerment. The initiative endeavors to achieve awareness about eliminating violence and discrimination against women, promoting gender equality in the workplace and supporting a harassment free working environment. These factors are essential to achieving development and to building healthy and just societies.
Participating in the UNIFEM program has benefited Prime Holding positively at different levels; whereby there has been an increase in the level of awareness among employees related to the issue of gender equality and increased opportunities leading to higher productivity in the work place. Applying the policies of the program at the institutional level has also had a constructive impact on women’s economic advancement by providing decent jobs for women and ending violence against them as well as providing them with professional development, training and involving them in decision making processes.
B. Breast Cancer Awareness Month in Egypt
Under the patronage of Egypt’s First Lady H.E. Mrs. Suzanne Mubarak, Susan G. Komen for the Cure® in cooperation with the Movement and various partners launched various unforgettable events in honor of Breast Cancer Awareness Month.
The U.S. nonprofit organization Susan G. Komen for the Cure® , which pioneered the use of public footraces to break the taboo on discussing breast cancer and has become the world’s largest breast cancer advocacy organization and source of private funding for breast cancer research and care.
Prime Holding is a permanent sponsor of such project.
