Hawkamah's Annual Conference Reinforces Importance of Corporate Governance in Region's Growth
Hawkamah's Annual Conference Reinforces Importance of Corporate Governance in Region's Growth
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Qatar's progressive measures to advance corporate governance praised  The Third Annual Regional Conference of Hawkamah - The Institute of Corporate Governance, which began today in Doha, Qatar, emphasized the importance of corporate governance in sustaining the growth of the region. Delivering the key note address HE Mr. Youssif Hussain Kamal, Minister of Economy and Finance of Qatar, and the Chairman of the Qatar Financial Market Authority (QFMA) said: "There is a critical need to enhance corporate governance in the region, given the situation of the global financial markets. We need to urgently look at adapting global best-practices to the region's needs, which will help to stabilize our financial markets." The Minister commended the work of Hawkamah and pledged the QFMA's support in encouraging and sustaining the widespread adoption of corporate governance in the region. The conference opening was also attended by H.E. Sheikh Fahd Bin Faisal Al Thani, the Deputy Governor of the Qatar Central Bank, ministers and prominent government and business officials. Representative from QFC, OECD, IFC, World Bank global corporate governance forum, IMF and INSOL attended the conference. Welcoming the delegates at the opening session, Dr. Nasser Saidi, Executive Director of Hawkamah said: "Corporate governance is a key for the region to maintain and grow its wealth, and to promote sustainable development." The need for sound corporate governance assumes critical significance at a time when advanced economies are going through a financial meltdown. "Bankruptcy and failures in Western banks and financial institutions are in large part attributable to corporate mal-governance and distorted incentive structures," Dr. Saidi pointed out. The financial turmoil in developed countries gives the region an opportunity to play a prominent role in the global economy, but only if they can ensure the widespread adoption of institutions and corporate governance frameworks that bolster investor trust. "Good corporate governance is a key ingredient in the region rising to the challenge and becoming a global player. This is because market perceptions, including economic fundamentals, determine where global capital will flow. Capital will flow to where it is best protected by laws, institutions, respect of and enforcement of contractual obligations and an absence of corruption," Dr. Saidi said. He praised the recent progressive measures taken by Qatar to advance corporate governance. Leading organisations in Qatar have, over the past year, taken significant steps to raise governance standards. 'Qatar is in the process of launching its Corporate Governance Code under the wise leadership of the Qatar Financial Market Authority (QFMA). The proposed Code is in public consultation phase, a significant step in the process of bridging the corporate governance gap. Corporate governance improvements do not occur in a vacuum, but are often supported, incentivized, and facilitated by the regulator and by relevant institutions," Dr. Saidi said. The Qatar Ministry of Economy and Finance and the QFMA endorse corporate governance as key to Qatar's and the region's economic growth. Critical issues being discussed at the conference include: 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 DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

  • "One of the best webinars I attended. Well done OSB Makhzoumi and Hawkamah”

    Fida Kanaan – Director – Executive education  OSB AUB

  • "A journey full of knowledge, experience and professionalism . I have learned a lot and definitely enjoyed the time I spent with my colleagues."

    Ibtihal Al-Shamali- Director of Corporate Governance- Capital Market Authority of Kuwait

  • 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

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