Hawkamah is a world-class corporate governance institute working to help in building sound organisations, corporate sector reform, a strong banking and financial sector, and good governance.
About Hawkamah
To be the advisor of choice and the reference of good governance for all enterprises in the public and private arena throughout the MENA region.
Our Mission
Our mission is to assist companies to develop sound and globally recognised corporate governance frameworks. Hawkamah helps also in building qualified directors and top executives who are able to apply corporate governance in their organisations.
Our Strength
Our strength lies in our research and years of experience in the region, our world-class experts, and proximity to the countries and companies of the MENA region. Hawkamah has partnerships with most of the leading corporate governance institutions regionally and globally.
CEO
It gives me great pleasure to welcome you to the website of Hawkamah. Since 2006, we have been working with government, companies, regulators, and financial institutions in the region to improve the level of governance understanding and application.
Because of our commitment and high professional and ethical standards, we are proud to say that Hawkamah has been a key player affecting governance practices in the region. We nonetheless know that there is still a lot to be done, and because we were established by the region, in the region and for the region, we are up to it. For we believe that only through good governance, societies can achieve prosperity and sustainable development.
We call upon everyone who believes in the value of governance, to be a change agent in their organisations, small or large, public or private, family owned or state owned. Only then, the pace of reform will match what we all hope for.
Hawkamah was founded in
Owned by Dubai International Financial Centre (DIFC) Authority
Hawkamah’s Social Impact
Our ESG Index covers yearly the top 150 companies of the S&P Pan ARAB Composite Index.
Hawkamah’s Publications
Publications on Governance
Hawkamah’s Talents
Trainees
Hawkamah’s Total Clients
Governance Assignments
Dr. Ahmad Bin Hassan Al Shaikh
Chairman
H. E. Dr. Ahmad Bin Al Shaikh, Managing Director of the Hassan Bin Al Shaikh Industries, joined the family printing business at the ground-level in 1984, and through excellence, leadership and demonstrated successes he quickly rose to lead the entire business group, which operates in printing, manufacturing, and real estate sectors:
· Modern Printing Press
· Hassan Bin Al Shaikh Food Industries
· Hassan Bin Al Shaikh Paper Converting Industries
· Real Estate Groups: Souq Al Wasl, Dubai Shopping Center, and others
An avid reader and academic, Dr. Ahmad holds a PhD in Economy from Coventry University (UK), MSc in Economics from Dundee University (UK), and a BSc in Political Science from the UAE University, and as a natural leader has become a sought-after speaker and thought leader on social and business issues in local newspapers and social media.
Dr. Ahmad has taken a leadership role in many business and industry associations in the fields of academia, finance, printing, food processing, and others. His hard work, determination, and commitment to excel in all his endeavors brought with it increased responsibilities in governmental and corporate sectors.
He is actively involved in many governmental and publicly-traded entities:
· Member - DIFCA Board
· Member - Advisory Council of Dubai Chamber
· Chairman - Institute for Corporate Governance (Hawkama), at the Dubai International Financial Centre
· Chairman - Emarati Industries Cooperative
He is an emeritus (former) member in other Public and Private bodies:
· Chairman/ Vice-Chairman- Dubai Cable Company (DUCAB)
· Chairman, Dubai International Arbitration Centre
· Board Member, Mawarid Finance
· Board Member, General Pension & Social Security Authority
· Chairman, Advisory Committee, Dubai Multi Commodities Centre
· Vice Chairman, Emirates Islamic Bank
· Hearing Session Chairman, Rental Dispute Settlement Committee, Dubai Municipal Council
· Board Member, Dubai Economic Council
· Chairman, Printing & Publishing Group, Dubai Chamber of Commerce and Industry
· Chairman, Dubai Print Award
· Chairman, Success Forum
· Chairman, Food and Beverages Manufacturing Group, Dubai Chamber of Commerce and Industry
· Chair, Advisory Council, College of Business Administration, University of Dubai
· Member, Advisory Board, School of Business, American University of Dubai
· Member, Dubai Export Development Corporation
Dr. Ahmad lives in Dubai with his family.
H. E. Dr. Maryam Al Suwaidi
Vice-Chairwoman
Dr. Maryam Al Suwaidi is among the top-notch dynamic finance and regulatory professionals from the region, having a career spanning more than 2 decades in multifarious disciplines in the Financial Markets including regulating securities and derivatives markets, financial services and products, insurance, oversight of the National Credit Bureau, anti-financial crime supervision, sustainable finance, fintech, and regulations of Virtual Assets.
Dr. Al Suwaidi was the CEO of Securities and Commodities Authority (SCA), the mainland UAE’s capital market regulator until January 2025. She is a Trustee Member on the Board of UAE CSR Fund. She was a Board Member at Al Etihad Credit Bureau till January 2025 and a member of the UAE’s Digital Economy Council.
Dr Al Suwaidi holds a Doctorate in Law from the University of Leeds, UK, a Master’s Degree in Commercial Law from the University of Wales, an Honors degree in ‘Shariah and Law from the UAE University, ICA (UK)’s International Diploma in AML and is a registered lawyer at the UAE’s Ministry of Justice.
Philip Armstrong
Board Member
Philip Armstrong is an internationally acknowledged expert on corporate governance. He has worked extensively with governments, regulators and policy makers, institutions and organisations, companies and boards on issues of corporate governance in some 70 countries around the world. His wide depth of experience and expertise covers policies, standards, best practices and their implementation. Philip has extensive knowledge and experience of the inner workings of complex board room situations in both the private and public sectors.
He was closely associated with the earlier King Reports in South Africa, notably as one of the architects of the 2002 edition known as “King II” which brought together a comprehensive package of globally-acclaimed corporate governance best practices and standards calibrated and integrated with stakeholder-focused issues and priorities. Among his involvement in many other internationally significant initiatives, he was an adviser to the Commonwealth Association on Corporate Governance (CACG) and was instrumental in developing the CACG Corporate Governance Principles adopted by the Commonwealth Heads of Government in 1999.
Philip retired in 2020 as Director: Governance at the Gavi Alliance based in Geneva, Switzerland which is an internationally important multi-stakeholder public-private partnership in the global health sector comprising representation across key players in public health, including but not limited to governments from developed and emerging market countries, Bill & Melinda Gates Foundation, business sector, etc. Prior to that he headed the Global Corporate Governance Forum (GCGF), a joint World Bank/OECD initiative, from 2005 through 2012 which led several initiatives around the world seeking to develop the capacity of director and corporate governance institutes and was at the forefront of producing capacity building tools for the training of directors and corporate secretaries supported by a Private Sector Advisory Group made up of prominent business leaders from around the world. With the GCGF being absorbed into the Corporate Governance Group (CGG) of the International Finance Corporation, he took on the role of Senior Adviser from 2012 through 2015.
Philip Armstrong has also served on various governing bodies of professional institutions and policy initiatives in South Africa and internationally, including on the Board of Governors of the International Corporate Governance Network (representing over US$50 trillion in AUM) from 2012 through 2017 and as Board Vice Chair in his final two years on the Board. He is a Chartered Secretary by profession and served as President of The Chartered Governance Institute of Southern Africa in 2001. He has received numerous accolades and awards from around the world for his work on corporate governance, specifically in emerging markets, and was conferred with an Honorary PhD in Business Administration from the Oxford Brookes University in 2006.
In his earlier career, he has held executive and senior management positions in some of South Africa’s prominent listed companies including as Corporate Secretary of Anglo American Corporation of South Africa Limited. Philip continues to be associated with a number of potentially path breaking initiatives associated with good corporate governance, as an adviser, in South Africa and the United States and is an independent non-executive director of Hawkamah – The Institute for Corporate Governance in the United Arab Emirates.
Alya Al Zarouni
In her role as Executive Vice President of Operations at Dubai International Financial Centre Authority, Alya Al Zarouni oversees a number of internal functions, including Information Technology, Procurement, Administration, Corporate Development, Government Relations, Government and Registry Services. Her prime objective is to ensure DIFC Authority’s internal operations are well aligned to support the delivery of the 2024 Strategy and objectives.
Prior to this role, Ms. Al Zarouni held the position of Senior Vice President – Operations at DIFC Authority, and before that was Senior Vice President - Government & Registry Services for five years. In this capacity, she was responsible for driving the strategic direction across the organisations Government Services, Registrar of Companies and Registrar of Properties offices.
Before this, Ms. Al Zarouni worked with the Programme Management Office at DIFC Authority, where she rose from Assistant Manager to Director of Government Services Office. During her tenure, she partly managed and assisted project managers in handling a number of complex projects in the Centre.
Ms. Al Zarouni earned both her BSc in Computer Science and MBA from the American University of Sharjah. She is a PMI Certified Project Management Professional (PMP), an LRQA certified ISO 9000:2000 Series Auditor/ Lead, and an LRQA Certified Internal QMS Auditor. Ms. Al Zarouni has also successfully completed the Young Leaders Program from the Mohammed bin Rashid Centre for Leadership Development.
Nasser M. Al-Thekair
Nasser M. Al-Thekair is a seasoned executive and board member with extensive expertise in strategy, governance, and business transformation. Currently serving both as General Manager Trade & Business Development as well as Acting General Manager of Strategy at the International Islamic Trade Finance Corporation (ITFC). He plays a pivotal role in shaping the organization's five-year strategic direction.
With over two decades of leadership experience across financial, operational, and trade sectors, Al-Thekair has been instrumental in driving growth and innovation. As General Manager of Trade & Business Development at ITFC, he spearheaded the launch of new business lines, including advisory services, trade development programs, and Shariah-compliant financial solutions. His leadership facilitated the first-ever Islamic finance-backed carbon credit trading initiative and significantly expanded ITFC's regional engagement.
Al-Thekair has held various board and committee positions, including Non-Executive Board Member at Maldives Islamic Bank, where he played a key role in the bank’s successful IPO and risk management strategy. He also serves on the board of major trade development programs such as the Arab Africa Trade Bridges Program and AfTIAS 2.0.
Nasser Al-Thekair has completed executive education at Harvard Business School, IESE Business School, and IMD Switzerland. He holds an MBA from the University of Leicester and a B.Sc. in Electrical Engineering from King Abdulaziz University.
His contributions to trade finance, business development, and governance continue to shape regional and international economic landscapes.
To shape the corporate governance landscape by being staunch advocates, premier promoters and effective practitioners of good corporate governance for the public and private sectors.
Reliability, Objectivity, Professionalism, Respect & Honesty.
Working with national and regional task forces, we assist with the development of regionally relevant corporate governance frameworks and help foster home-grown communication and policy dialogue, ultimately becoming the natural bridge for institutions promoting corporate governance in the region.
At Hawkamah, we recognise that countries in the Middle East and North Africa region are positioned at different stages and dissimilar phases of developing a corporate governance framework. To address these disparity, we have developed a range of flexible products and services centered on the focal points of good governance, all of which can also be tailored to suit organisations specific needs. Our aim is to create a national environment that promotes and sustains corporate governance in the region.
The Institute was founded by international organisations including the OECD, the IFC, and the World Bank, and regional organisations such as the Union of Arab Banks and the Dubai International Financial Centre (DIFC) Authority. The Institute grew out of the recognition of a growing need for a regional organisation working on the ground, and since then Hawkamah has been at the forefront of the corporate governance debate in the region.
Hawkamah's primary goal is to provide the region's companies and boards with practical tools on how to improve corporate governance. The Institute's work also involves engaging governments and industry, conducting surveys and studies, and creating regional benchmarks which often act as catalysts for reform.
Nadia Zainuddin
Advisory Board Member
Nadia Zainuddin is currently the General Manager and Head of Corporate Governance at the Securities Commission Malaysia (SC). She focuses on raising the corporate governance practices and standards of listed companies as well as capital market intermediaries in Malaysia, working closely with local and international corporate governance stakeholders. Nadia leads the formulation and implementation of the SC’s immediate and long-term corporate governance measures which include, enhancements to the Listing Requirements, Malaysian Code on Corporate Governance, spearheading the use of AI by the SC to monitor corporate governance disclosures by listed companies, advocating for board diversity particularly the participation of women on boards and putting in place the framework for sustainability reporting by listed companies. Nadia also represents the SC and Malaysia in local and global policy making platforms on corporate governance.
In 2014, Nadia was seconded to the Organisation for Economic Co-operation and Development (OECD) in Paris, France as a Consultant at the Directorate for Financial and Enterprise Affairs, Corporate Affairs Division. She was involved in efforts to promote corporate governance in Asia; including the development of the OECD Southeast Asia Corporate Governance Initiative to establish effective corporate governance frameworks and support ASEAN capital market integration in Cambodia, Laos, Myanmar and Vietnam.
Nadia graduated from the International Islamic University Malaysia with a Bachelor of Economics in 2004, and a Master of Economics in 2006, where she was also an active debater. In 2009 she was awarded a Chevening Scholarship by the Foreign Commonwealth Office of the United Kingdom to pursue an MSc in Corporate and International Finance at Durham University, UK.
Karina Litvack
Karina serves on the board of Italian power grid operator Terna S.p.A., where she is on the Controls, Risks & Sustainability Committee and the Nominations, Governance & Scenarios Committee. She also serves as Ambassador & Founding Chairman of the Climate Governance Initiative. Until recently, she served on the boards of Oil & Gas major Eni S.p.A., where she chaired the Sustainability & Scenarios Committee, and was a member of the Remuneration and Controls & Risk Committees; of the CFA Institute, home of the professional qualification for investment management professionals; of Viridor, a KKR portfolio company active in the waste management sector; and of Business for Social Responsibility (BSR), a consulting firm specialising in sustainable business management.
Since the passage of the Paris Agreement at CoP21 in 2015, Karina has been working to build a global network for fellow board directors to share experiences, engage with technical experts and stakeholders, access specialised training, and help to drive the adoption of effective Paris-aligned climate transition strategies in the boardroom. Under the auspices of the World Economic Forum, she co-founded the Climate Governance Initiative (CGI), home of the WEF Principles for Effective Climate Governance for Non-Executive Directors. The CGI operates in over 70 countries through a network of 30 national and regional Chapters in APAC, EMEA, the Americas and Africa, often in collaboration with local institutes of directors.
Previously, Karina had a 25-year career in Finance, latterly running the Governance and Sustainable Investment activities of UK asset manager F&C Investments*.
* now Columbia Threadneedle Investments
Sandra Guerra
One of the forerunners of corporate governance in Brazil, Sandra Guerra has served as a board member and chairperson of boards of directors since 1995. Her experience includes acting on the boards of listed, closed, family-controlled and state-controlled companies as well as of non-profit organizations both in Brazil and abroad. With more than 26 year's experience in corporate governance, she was one of the founding members of the Brazilian Institute of Corporate Governance (IBGC), where for four years, from 2012 to 2016, she was the chair of the board. On two occasions, she was also a member of the board of directors of the International Corporate Governance Network (ICGN). She was also board director of Global Reporting Initiative (GRI), from 2017 to 2019. Ever since she completed her Master's degree in Business Administration at FEA-USP (2009), her research has been focused on the board of directors. Certified as a Board Member by the IBGC and as a Mediator by the CEDR-Center for Effective Dispute Resolution (United Kingdom). In 2017 she published the book “A Caixa-Preta da Governança. Conselhos de Administração Revelados por Quem Vive Dentro Deles”, published by Editora Best Business in Brazil and which is now in its 4th edition. The book – The Black Box of Governance. Boards of Directors Revealed by Those Who Inhabit Them - was updated and translated to English and published by Routledge in September 2021.
Stephen Davis
Chair
Chris Hodge
Chris Hodge is an independent advisor on governance and regulation who has worked with organisations including The Chartered Governance Institute (the professional body for company secretaries), the Institute of Directors in the UK and the International Corporate Governance Network. Chris also advises regulators and stock exchanges in emerging markets on corporate governance standards and reporting.
He is a member of Hawkamah’s Advisory Board. For ten years, Chris was Director of Corporate Governance at the Financial Reporting Council in the UK. In that capacity he was responsible for developing and promoting the UK Corporate Governance Code, and for introducing the first national stewardship code for investors in the UK. Chris established, and chaired until 2015, the European Corporate Governance Codes Network which shares information and good practice among the bodies responsible for codes in 28 European countries. Chris Hodge also chaired the Global Stewardship Codes Network, which brings together bodies from 20 markets.
Mak Yuen Teen
Mak Yuen Teen is Associate Professor of Accounting at the National University of Singapore, where he specialises in corporate governance. He holds first class honours, master and PhD degrees in accounting and finance.
Prof Mak has served on key corporate governance committees which developed and revised the code of corporate governance for listed companies in Singapore. He is currently a member of the Corporate Governance Advisory Committee established by the Monetary Authority of Singapore. Prof Mak also served on the Charity Council in Singapore and chaired the subcommittee which developed and revised the code of governance for Singapore charities. He was also the Singapore expert in the development of the ASEAN Corporate Governance Scorecard and Ranking, an initiative of the ASEAN Capital Markets Forum.
Prof Mak served as a member of the audit advisory committee of the UN Population Fund and as a member of the audit advisory committee of the UN Women for consecutive six-year terms. He was a former member of the Governing Council of the Singapore Institute of Directors and is currently a member of the Advisory Council of the Vietnam Independent Directors Association.
Prof Mak conducts training in corporate governance for directors, regulators and industry professionals in both financial institutions and listed companies. He has led numerous research projects focusing on corporate governance in Singapore and Asia, and more recently on sustainability-related topics such as integration of ESG factors into executive remuneration, sustainability governance structures, board oversight of climate risks and opportunities, and materiality assessment of ESG factors. He has edited 11 annual volumes of Singapore, Asia and international case studies on corporate governance, and is a regular commentator on corporate governance in the local and international media.
He was recognised by the Securities Investors Association (Singapore) with the Corporate Governance Excellence Award and as a CG Pioneer by the Singapore Institute of Directors for his contributions to corporate governance in Singapore, and by the Minority Shareholders Watchdog Group (Malaysia) for his contributions to corporate governance in the region.
We are proud to partner with a wide range of organisations on a variety of programmes.