Hawkamah Annual Conference Issues Doha Declaration
Hawkamah Annual Conference Issues Doha Declaration
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Declaration calls for implementing more robust corporate governance frameworks in the region to boost financial stability  The Third Annual Conference of Hawkamah - the Institute of Corporate Governance, today issued the Doha Declaration on its concluding day, calling for the implementation of more robust corporate governance frameworks to maintain the stability and soundness of the region's financial system in the face of the global financial crisis. Signed by policy makers, regulators, international institutions and business leaders from across the region and internationally, the Doha Declaration made extensive policy recommendations to address the financial crisis both globally and in the MENA region. Dr. Nasser Al Saidi, Executive Director of Hawkamah said: "Corporate governance is critical to the region's ability to maintain stable financial systems and minimise the contagion effects of the global financial crisis. The MENA markets stand to gain by implementing and developing institutions and corporate governance frameworks that bolster investor trust through improved disclosure and transparency standards and rule of law. We cannot afford to ignore corporate governance; too much is at stake in our stock markets and credit markets." The Doha Declaration emphasised the importance of effective creditor rights and insolvency systems and the development of strong rescue and restructuring frameworks. These frameworks, it said, should be urgently modernised to facilitate the rescue and restructuring of viable enterprises facing temporary and potential distress. The Declaration also stressed on the governance and accountability of regulators. Another key recommendation was to extend the regulatory and supervisory powers of central banks to investment banking and related non-bank financial intermediation. The declaration also urged a review of regulations governing credit rating agencies as well as reform to address the shortcomings of risk management frameworks. The Doha Declaration highlighted that Islamic finance, which has been resilient to the financial crisis, is a viable complement to conventional financing with its equity risk sharing and ethical investment principles. It called on Islamic finance institutions to continue improving their corporate governance by focusing on the disclosure rights of Investment Account Holders, the role of Shari'a boards, and their integration within the corporate governance structure of the institution. The Doha Declaration also underlined the critical importance of good corporate governance for State and Family-Owned enterprises in the region, especially to deal with potential issues of succession of family-owned enterprises and preservation and protection of wealth. The third Hawkamah Annual Conference was opened yesterday by HE Mr. Yousef Hussain Kamal, Minister of Economy and Finance of Qatar, and the Chairman of the Qatar Financial Market Authority (QFMA).Held under the theme, 'Is the Region Becoming a Global Player?: Corporate Governance & the Financial Crisis', the conference was organised in association with the Qatar Financial Markets Authority (QFMA), with support from the Qatar Financial Centre (QFC) and in partnership with the International Finance Corporation (IFC), the World Bank, Global Corporate Governance Forum, the Financial Services Volunteer Corps (FVC) and the Organisation for Economic Co-operation and Development (OECD). Critical issues discussed at the conference included: corporate governance and the financial crisis; potential rise of shareholder activism; optimal regulations for advancing corporate governance; and strategies to involve private equity, future generation funds, and families in the corporate governance movement. The discussion of topical regional issues such as corporate governance for Islamic financial institutions, private equity, sovereign wealth funds, challenges faced by regional families and insolvency and creditor rights will generate insights into the unique governance challenges faced by the region.

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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