Hawkamah launches the 7th Bank Corporate Governance Award as a regional initiative for all banking sectors in the Middle East and North Africa region, and welcome the submissions of Arab banks to the award till the 10th of May, 2013.
The award launched in 2007 by the Institute for Corporate Governance "Hawkamah". Showcases Banks that have taken the extra steps necessary in improving their Corporate Governance practices, beyond the legal and regulatory requirements.
Leonardo Peklar, the Chief Executive Officer of Hawkamah commented "As a recognition tool, the Bank Corporate Governance Award has been a growing success over the past 6 years, and Arab banks have embraced the importance of governance as a pillar in strengthening the economy and corporate performance. Year on year, we have seen the growing interest of participation from regional Arab banks in the awards."
All participants must meet specific criteria in order to participate in the award, which are commitment to good Corporate Governance, structure and functioning of the Board of Directors, Control environment and processes, disclosure and transparency, shareholders and stakeholders rights.
The process of choosing the winners starts with review of all the applications by a prominent independent jury panel of international corporate governance banking experts, shortlist the top five acquiescent banks, conduct one-on-one interviews with the finalists, and announce the winner at the Banker Middle East Industry Awards in the first week of June 2013.
The 2013 Bank Corporate Governance Award international jury is comprised of: Mr. Charles Freeland, Retired Deputy Secretary General of the Basel Committee on Banking Supervision at the Bank for International Settlements in Basel, Switzerland. Prof. Andrew D. Chambers, the Specialist Advisor to the House of Lordsâ€™ Economic Affairs Select Committeeâ€™s Inquiry into Auditors. He has been a member of the UK FRCâ€™s Auditing Practices Board (2006-9) and is Deputy Chair of FÃ©dÃ©ration des Experts Comptables EuropÃ©enâ€™s (FEEâ€™s) Corporate Governance and Company Law standing Working Party (Brussels). Dr. Grant Kirkpatrick, Former Deputy Head of the Corporate Affairs Division of the Organisation for Economic Co-operation and Development (OECD) Directorate for Financial and Enterprise Affairs and Dr. Rainer Geiger, Professor of International Economic Law, and Ex -Senior Regional Advisor, Organisation for Economic Co-operation and Development (OECD).
Dr. Grant Kirkpatrick said "The previous Hawkamah Corporate Governance Awards have shown that some banks in the region have good corporate governance systems but that others are lagging."
Mr. Charles Freeland stressed the importance of the awards for the region by saying "These awards provide exactly the right incentives to improve banksâ€™ due process and to promote robust checks and balances in the management of increasingly complex risks." Dr. Rainer Geiger added "The awards provide an opportunity for banks in the region to demonstrate their efforts in the search for excellence."
In addition to the award process, all participants will receive a high level Corporate Governance Report benchmarking them against the industry average.
Leonardo reiterated, "Winners are defining current best practices in the region and this will act as a catalyst for the entire sector to elevate their governance practices." He concluded by saying "Hawkamah stands ready to work with organizations in strengthening their corporate governance practices."
For more info please visit www.hawkamah-awards.org