Dubai Declaration
Dubai Declaration
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Towards sound and efficient financial markets and banking systems In recent years, corporate governance has received international prominence in both the public and private sectors as investors, boards and governments come to terms with its impact on private sector valuations, capital markets and economies.

This prominence has risen from an increasingly complex global legal and regulatory environment, high-profile instances of corporate malfeasance, greater participation from foreign investors in developing markets and heightened investor awareness of the valuation risk associated with poor corporate governance practices.

Introducing good corporate governance is vital for financial and economic development in the Middle East. It will ensure the region can operate on a level playing field with other markets and attract foreign capital. Companies will benefit greatly by applying good corporate governance practices, such as defining board responsibilities, ensuring shareholders rights and providing financial disclosure. This commitment to transparency will attract more investor interest and provide greater choice in sources of capital.

Already, practical developments are taking place. The public sector is committing to improving corporate governance standards, while the presence of foreign capital and investment is raising expectations for overall standards.

The inaugural Hawkamah Conference, co-hosted by the OECD, focused on attaining a deeper insight into the key issues of corporate governance, its role in Islamic finance, the importance of information technology and the role of the media in improving corporate governance practice. The interactive sessions provided an opportunity for the participants to contribute to practical recommendations for improving regional corporate governance standards and help raise the profile of this important initiative.

The Dubai Declaration called for the development of the Task Force on Corporate Governance of Banks, Task Force on the Corporate Governance of State-Owned Enterprises, and the Insolvency Module to further consolidate governance reforms in the region. The Dubai Declaration is available in Arabic and English.

The conference was supported by international and regional institutions such as MENA OECD Working Group on Corporate Governance, International Finance Corporation, Global Corporate Governance Forum Center for International Private Enterprise, Union of Arab Banks, ISACA-UAE, INSOL, Institute for International Finance, Egyptian Banking Institute, Egyptian Institute of Directors, and Financial Services Volunteer Corps.

Hawkamah would like to thank its corporate sponsors for helping make this event happen:

Testimonials

  • “The topic discussed was forward-looking, enlightening and practical. The well-balanced panel considered the next area of governance reform from a broad perspective, with the session covering useful and thought-provoking concepts.”

    Nalika Manjrekar -VP - Group Corporate Governance at First Abu Dhabi Bank 

  • The breakfast meetings organised by Hawkamah provide attendees with a great opportunity to meet with peers from leading organisations and exchange ideas on current issues and challenges. A strong panel of industry experts discussing the challenges from different perspectives on ‘How to get the board more engaged’ was most insightful and engaging with enthusiastic audience participation especially in matters regarding diversity and quality of information that is  presented to the board for effective decision making. I look forward to more such events that are organised by Hawkamah

    Sunil Edwards- Group Head of Internal Audit  - Bank of Sharjah

  • The power breakfast on board engagement organized by Hawkamah in collaboration with Diligent was a successful event, very insightful and informative and well organized

    Mostafa Ibrahim Abdeltawab - Tax Agent & Consultant  - Skylines Tax Consultancy

  • There is absolutely no doubt that Hawkamah – as always – has done unmatchable effort in producing its most recent valuable report in association with Diligent about Board Best Practices in the MENA. The discussions that took place in the “Power Breakfast” was so important and insightful; the influx of questions by the quality participants and the valuable answers of the quality panelists is a clear proof of Hawkamah continued success in such events. 

    Yasser Al Dabach – Board Secretary – Ghobash Trading & Investment Group

  • The technical knowledge, insights, case studies and learning provided by the ‘Director Development Program’ are very useful and effective in framing the strategic planning, implementation and delivery phases of growth plans in the difficult economic and geo-political times that we are operating in.

    Hisham Dimashki – CEO - BAP LLC – (associated with GM Trading Companies - Washington DC)

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)

  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)

  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.

  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank

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