Hawkamah and the Dubai Chamber of Commerce and Industry to promote best practice corporate governance in the UAE
Hawkamah and the Dubai Chamber of Commerce and Industry to promote best practice corporate governance in the UAE
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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 the Dubai Chamber of Commerce and Industry (DCCI), an agreement that will see both parties work towards developing and advocating a sound corporate governance framework across the UAE and the greater MENA region.

The DCCI has been established for over 40 years and plays a significant role in supporting business activities, proposing legislation that organises and regulates the economic sectors and providing input in developing the institutional role of the government departments and linking with international organizations.  The DCCI actively co-operates with government establishments and professional organisations within the UAE so that it remains at the heart of best practice in business and can offer its members the most valuable resources.  With the DCCI’s strength and influence within the business community, the latest collaboration with Hawkamah represents a significant step in actively promoting and improving good corporate governance practices in the UAE, GCC and the MENA region. The common objectives of Hawkamah and the DCCI are primarily to improve the corporate governance practices of private and public sector entities; develop national legal and regulatory frameworks with respect to corporate governance; cooperate on developing corporate governance within institutions through training; and finally, establish an Institute of Directors and promote the creation of Centralised Credit Registries and a Companies House.  The goal is to improve integrity, transparency and efficiency thereby encouraging greater investment in private and public institutions. Following the implementation of this Memorandum, future areas of focus and cooperation between Hawkamah and the DCCI will include:
  • Conducting corporate governance assessments, surveys and improvement plans by promoting the development of a good legal, regulatory and institutional corporate governance structure in the UAE.
  • Building capacity for, and raising awareness of, good corporate governance in UAE, by encouraging the public and private sectors to establish national corporate governance task forces who will raise awareness of corporate governance.
  • Undertaking board director outreach and development programmes
Furthermore, the Dubai Chamber of Commerce and Industry has developed its own project, which is closely in line with Hawkamah’s objectives, called the Dubai Ethics and Resource Center (DERC).  This Center has been established by the DCCI to foster corporate integrity and to promote Dubai as the regional gateway to international business by providing a suitable environment with high levels of transparency, disclosure and accountability.  DERC collaborates with public sector and semi-governmental organizations to promote good public governance through a variety of customer-driven programs focusing on ethics and integrity.  With its fundamental values revolving around dedication, innovation and solidarity, DERC looks to raise the region’s ethical standards and awareness of corporate responsibility and governance, thus highlighting the synergies with Hawkamah’s initiatives. Dr. Nasser Saidi, Executive Director of Hawkamah, said: “The DCCI has had significant input in the development and framework of the private and public sector policy we see in the UAE today.  Our partnership with the DCCI and the Dubai Ethics Resource Centre is a very important and significant step for the UAE business community, and firmly puts corporate governance on the agenda. It is a clear commitment of Dubai’s and the UAE’s business community to best international practice in corporate governance and ensuring market integrity and transparency”. Abdulrahman Al Mutawee, Director General, DCCI, commented: “Our collaboration with Hawkamah was an obvious and natural step for us.  The priority of the DCCI is to support initiatives and reform that benefit the private and public sector in the UAE.  Developing the framework for corporate governance and advocating its importance among members makes perfect sense.  If business in the UAE is to reach its full potential, corporate governance must be taken seriously.” 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.

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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