The board is now made up of a diverse and independent range of members. Credit: Ritu Manoj Jethani via Shutterstock.

MAGRABi Retail Group, the premier eyewear retailer in the Middle East, has unveiled a pioneering board structure that aims to reshape corporate governance practices in the region.

This development follows the appointment of Yasser Taher as the first non-family CEO of the group.

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The new board, composed of nine seats, is strategically crafted to align with MAGRABi’s key objectives. Notably, the board boasts members recognised for their profound sector expertise and calibre in their respective industries.

This diverse lineup of industry leaders brings extensive international experience to the table, reflecting the group’s commitment to excellence and global standards.

Independent majority and equal voting rights: a Harvard-inspired model

In a departure from traditional structures, MAGRABi’s board now includes a majority of independent members, all possessing equal voting rights regardless of shareholding.

This intentional design aligns with Harvard Business School’s Fortune 500 best practice recommendations for corporate governance.

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Furthermore, the updated board structure incorporates a lead independent director, aligning with global standards for listed companies.

Gender balance and ESG expertise elevate board dynamics

MAGRABi, known for its forward-thinking approach, has showcased its commitment to gender balance by achieving an equal ratio across all positions, excluding the chair position.

The newly formed board mirrors this goal, emphasising diversity.

Notably, the group takes a rare step in the Middle East by adding formidable environmental, social, and governance (ESG) expertise to the board, showcasing a commitment to sustainable and responsible business practices.

Amin Magrabi, chair of MAGRABi, expressed enthusiasm about this significant milestone, stating: “Moving from a family-led structure to one that is majority independent marks an important step in the history of the group.

“Achieving world-class governance standards and role-modelling best practices is a primary objective as we prepare for the future.”