Conares Strengthens ESG Commitment; Aligns with UAE's Sustainability Drive

(MENAFN- Watermelon Communications) Dubai; 04th August 2023: Conares, the second largest private steel manufacturer in the UAE, has demonstrated its dedication to Environmental, Social, and Governance (ESG) initiatives by making significant progress. Strengthening its commitment to sustainability, the company has recently appointed three distinguished non-executive directors to its board. This strategic move further solidifies Conares' alignment with the UAE government's push towards sustainability.
In line with its expansion plans and the development of green steel, which also aligns with the Comprehensive Economic Partnership Agreement (CEPA), Conares recognizes the importance of establishing a robust corporate governance framework. The newly appointed non-executive board members bring a wealth of expertise in ESG practices, making them valuable assets in driving Conares' sustainable initiatives and integrating responsible practices into the core operations.
Mr. Bharat Bhatia, CEO, Conares, emphasized the company's strong belief in aligning its mission and vision with ESG principles as they pursue ambitious goals in the steelmaking sector. Embracing diversity and expertise from different regions, Conares fosters a culture of continuous improvement and social responsibility. The company's focus on sustainability activities, social obligations, and internal corporate governance has been met with positive reception and validation from the esteemed non-executive board members.
Mr. Massimo Falcioni, a dynamic leader in the financial sector exhibiting over three decades of successful track records, is one amongst the three names joining as Conares’ non-executive directors. “I am honored to support Conares’ board at such an exciting time. The importance of access to financial services, including but not limited to trade finance, supply finance, and credit insurance; by assessing and managing risks through a disciplined process considering environmental, social, and governance factors to ensure sustainable growth and a healthy cash flow, is something that we can all relate to and is rightly one of the Conares’ priorities in the work it performs. I look forward to contributing my experience and knowledge to benefit Conares’ board to meet its objectives in this area.”
Speaking of how Conares aims at strategizing an ESG benchmark, he further adds, “Conares’s board has been working with one of the Big 4 professional advisors to define a new corporate strategy to maximize shareholders’ return, which has to be complemented by ESG aspects across all elements, including but not limited to ensure legal and regulatory compliance, reporting and risks management to be mirrored in the company’s business model, products, processes, organization, and investments in innovation. It is an exciting journey, that will lead the second private steel manufacturer in the UAE to set new standards in the industrial steel ecosystem.”
Joining the team is another veteran, a seasoned banking professional with an impressive thirty-year career spanning leading international and regional financial institutions, Mr. Vijit Singh Malik. He says, “The company is currently poised on exciting prospects to integrate further within the steel manufacturing ecosystem and capture more of the value chain. We shall ensure that the capital / financing structure is optimally aligned with the nature of current / future investments, so as to improve efficiencies and further de-risk the future cash flows within prudent risk management norms".
For a long time, Conares has been dedicated to adopting responsible practices and driving positive change through its operations. The appointment of these non-executive directors marks a significant step forward in elevating Conares' sustainability agenda. With businesses worldwide increasingly recognizing the significance of ESG practices in achieving long-term growth and value creation, Conares solidifies its position as a socially responsible corporate citizen through its commitment to aligning with the UAE government's sustainability initiatives.
"I am truly privileged to be taking over as one of the non-executive directors at Conares. It is a testament to the company's trust in my expertise. I am genuinely delighted to join this esteemed team and eagerly look forward to working together with my fellow directors. As a cohesive team, we will strive to steer Conares towards new heights of success, embracing innovation and fostering a culture of collaboration. Together, we shall chart a prosperous path for the company's future," adds the third non-executive director, Mr. Dennis Ruf, who is a dynamic and accomplished steel industry professional with a proven track record of driving substantial growth in the global steel trading sector.
Having long embraced responsible practices, Conares solidifies its position as a socially responsible corporate citizen through alignment with UAE government sustainability initiatives. The new directors are determined to establish benchmarks and timelines, ensuring Conares continues to lead in environmental sustainability and inspires other organizations in the region to embrace greener practices.

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