The General Authority for Endowment has conducted 13 workshops, including 3 introductory workshops on the Endowment Governance Project for the endowment sector, university endowments, and non-profit organizations. Additionally, 9 exploratory workshops were held, attended by approximately 288 individuals from various sectors, including those working in and interested in the endowment sector, across most regions of the Kingdom.
The workshops aimed to introduce the Endowment Governance Project to the endowment community, explain its objectives, and engage them in building governance standards and principles. This effort seeks to achieve best practices, foster integration within the sector, and ultimately enhance the sustainability and development of endowments, improve governance, and modernize regulations to better meet current and future needs.
The Endowment Governance Project stems from the GAE's belief in the importance of collaborative relationships with stakeholders in the endowment sector and its commitment to strengthening its supervisory and oversight role. The project aims to establish governance principles for endowments, which endowment entities can utilize to enhance general frameworks for good governance, simplify decision-making processes, contribute to the preservation of endowments, maximize their impact, and contribute to achieving the goals of Saudi Vision 2030.
Following the workshops, the GAE will issue governance principles and standards, a number of guidelines, and related regulations. These documents will contain essential information on best practices and contribute to establishing governance standards recognized by supervisory authorities, taking into account the diversity and realities of endowments. This will enable the establishment of secure and sustainable endowments.
The GAE is committed to strengthening the endowment sector, its governance, and its preservation. It works to develop the sector and raise awareness through the launch of innovative endowment products and services for beneficiaries, aiming to be a leader in sustainable development both locally and globally. This is achieved by fulfilling the conditions of the endower, implementing best practices, and enacting regulations and bylaws that enhance, develop, and empower endowment work, maximizing its impact on economic, social, and social solidarity development.
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