Dubai Financial Market and Hawkamah sign MoU to promote good corporate governance among DFM-listed firms
Dubai Financial Market and Hawkamah sign MoU to promote good corporate governance among DFM-listed firms
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Partners will also advocate corporate sector reform and improve upon good governance across the country Dubai Financial Market (DFM) and The Hawkamah Institute for Corporate Governance (Hawkamah) today announced the signing of a Memorandum of Understanding (MoU) to Increase Public Awareness with regards to corporate governance and its implementation in the UAE. The two leading institutions will cooperate with each other to actively promote and improve good corporate governance practices among the companies that are listed on the DFM and across the wider UAE. The memorandum states that Hawkamah and DFM will work together to advocate corporate sector reform and improve on corporate governance in Dubai and the United Arab Emirates The MoU was signed by Mr. Essa Kazim, Executive Chairman, Dubai Financial Market and Dr. Nasser Saidi, Executive Director of the Hawkamah institute for Corporate Governance in presence of many other officials from both parties. Commenting on this development, Mr. Essa Kazim, Eexecutive Chairman, Dubai Financial Market said: “This initiative reflects DFM’s support to Hawkamah and its commitment to working hand in hand with a leading institution that has done considerable efforts in promoting, endorsing, and improving corporate governance in the Middle East and North Africa. “We believe that good corporate governance provides the foundation for the growth of listed companies, as it has a positive effect on the performance of listed companies through improving their access to affordable credit and capital and increasing their decision-making capacity, operational efficiency and enhancing their reputation” he added. Dr. Nasser Saidi, Executive Director of Hawkamah, said: “The DFM is a leading financial market and one of the most active of our region’s stock exchanges. We are very encouraged that they will be championing the cause of stronger corporate governance for listed companies. Hawkamah is committed to improving corporate governance standards across the region and looks forward to supporting the DFM’s leadership role in the implementation of stronger corporate governance practices and improved transparency & disclosure for listed companies, which will sustain & strengthen investor confidence “Higher risk aversion means that investors seek well governed companies and markets to allay their fears and gain confidence. Disclosure and transparency are increasingly at a premium and at the heart of investment decisions. Given the current economic turmoil, there is a strong case for the DFM and GCC markets to “overshoot” in corporate governance, whether on the country or company level. The MoU’s goal to advocate corporate sector reform and improve upon corporate governance is supported by four broad objectives, namely to increase public awareness on corporate governance and to improve the corporate governance practices of DFM-listed companies through joint corporate governance assessments and corporate governance improvement plans for DFM’s listed companies. The other two objectives focus on developing national legal and regulatory frameworks with respect to corporate governance, in cooperation with both the public and private sectors and in cooperating on corporate governance institution-building among DFM-listed companies and increase the training capacity of the companies through corporate governance training for their directors, managers, company secretaries and other stakeholders. The MoU partners believe that the adoption of good governance practices by listed firms will increase the operational efficiency of the listed companies and help support open and transparent markets that will attract investment. The country-wide promotion of best practices aiming at raising awareness of corporate governance will be carried out through conferences, roundtables and seminars, as well as developing handbooks and manuals on good corporate governance. The Dubai International Financial Centre (DIFC) based Hawkamah, which has been actively leading the good governance initiative, and DFM, the premier stock exchange in the region, will further explore and discuss other areas of future cooperation. Hawkamah and DFM also propose to develop corporate governance codes and guidelines as well as a communication and an awareness raising strategy having a training programme for journalists and the media as a focal point. The two partners will also develop market incentives addressing listed companies and promote good corporate governance through various awards programmes. 61
Order of appearance in the picture from right to left is:
  • Mr. Essa Kazim, Eexecutive Chairman, Dubai Financial Market
  • 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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