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 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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