Hawkamah and INSOL in cooperation to advance Corporate Governance and Insolvency Structures
Hawkamah and INSOL in cooperation to advance Corporate Governance and Insolvency Structures
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Hawkamah Institute for Corporate Governance (“Hawkamah”), a subsidiary of the Dubai International Financial Centre Authority, has today signed a Memorandum of Understanding (MoU) with INSOL International (“INSOL”) to promote improvements to insolvency systems and good corporate governance practices in the MENA region. INSOL is a leading global organisation specialising in international insolvency, restructuring, turnaround and related issues.  INSOL assists in a collaborative manner in the development of insolvency policies, international codes and best practice guidelines with Governments, non governmental organizations and intergovernmental advisory groups on such matters.  It also provides education and undertakes extensive research on topics relating to international and comparative turnaround and insolvency issues. This collaboration is an important step for markets across the Middle East, bringing as it does greater access to and understanding of insolvency research, legislation and guidelines.  The exchange of information and ideas between the two entities are aimed at  encouraging greater international communication and cooperation amongst the insolvency profession, credit community and business. Hawkamah and INSOL aim to jointly identify and prepare proposals for suitable projects that may be undertaken to assist in the development sound insolvency systems and good corporate governance practices across the MENA region. By capitalising on each other’s strengths, the two organisations will be able to advance their common objectives of encouraging modern and predicable legislative frameworks which offer market participants effective and appropriate restructuring and insolvency regimes. Dr. Nasser Saidi, Executive Director of Hawkamah, said: “International experience shows that insolvency and corporate governance systems are inter-linked and their simultaneous and continued development is essential in ensuring long term sustainable financial and corporate sector reforms and sound and efficient banking and financial markets.  Hawkamah and INSOL are committed to these reforms and the growth of local markets. This is the perfect opportunity for us to work together for the countries in the MENA region that can benefit immensely by adopting good insolvency systems.” Sumant Batra, Board Director of INSOL, commented: “Whilst INSOL has access to valuable technical knowledge, know-how and resource in the insolvency sector and related areas, Hawkamah has an in-depth understanding of the financial and corporate landscape of the MENA region.  Consequently, this partnership will allow us to exchange information and knowledge, enabling us to learn from each others experience and expertise.” Hawkamah is an autonomous, regional entity whose mission is to assist countries and companies of the wider MENA region in developing sound and globally well-integrated corporate governance frameworks and practices. An insolvency law is generally viewed as a mechanism that allows financially distressed but viable business to rehabilitate and unviable enterprise to be liquidated. An efficient and effective insolvency system plays an essential part of the overall national and international financial architecture. It is needed to encourage enterprise, underpin investment and economic growth and create wealth. For the developing countries in particular an effective insolvency system is vital to stability in commercial relationships and financial systems, advance important social objectives of maintaining public confidence in the corporate and financial sectors and promote sustainable growth in the private sector. A good insolvency system promotes responsible corporate behaviour by encouraging higher standards of corporate governance, including financial discipline to avoid consequences of insolvency/enforcement. It will allow companies in genuine difficulty to revive and where such revival is not possible, to liquidate the company in a quick and efficient manner so that returns of all stakeholders are maximised. In the fast globalising economic system, it is inevitable that the MENA countries eager to provide sound business environment for their national industry to grow and attract foreign investment pay adequate attention to the development of insolvency laws. 13 Order of appearance in the picture from left to right is:
  • Sumant Batra, Board Director of INSOL
  • Dr. Nasser Saidi, Executive Director of Hawkamah

Testimonials

  • 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

  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank

  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber

  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC

  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited

  • The Director Development Program is great way to gain insight and improved understanding in areas such as corporate governance and board functionality. I would highly recommend the program as a foundational step before they begin their board experience.

    Bindu Ann Joseph - Chief Operating Officer - 3W Networks

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