Corporate Governance Good for Business Corporate Governance

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					                                                                                                    Hawkamah Newsletter. Issue 1, Vol 2

In this Issue                                     Corporate Governance:
       Special Edition of                         Good for Business
       Hawkamah Newsletter
                                                                                                        Speakers at the conference made it
       Corporate Governance                                                                             clear that good corporate governance
                                                                                                        and best practice is not just good in
       Good for Business
                                                                                                        an ethical sense; it is also good for
       Establishing the                                                                                 businesses and markets, lessen-
       Framework for Good                                                                               ing volatility in the region’s financial
                                                                                                        markets and attracting more outside
       Corporate Governance                                                                             investment.
                                                  HE Dr Mohamed Khalfan bin Kharbash
                                                  Minister of State for Finance and Industry, UAE
       Corporate Governance and                                                                         In his opening address, His Excel-
       the Family’s Wealth                        The crucial need for the region’s in-                 lency Dr. Mohamed Khalfan bin
                                                  stitutions and large companies to                     Kharbash, UAE Minister of State for
       Diversifying the Family
                                                  adapt in order to answer the growing                  Finance and Industry, said: “It’s a tru-
       Business                                   call for transparency and openness in                 ism, now that the Arab world is still in
                                                  an increasingly globalised world was                  need of the proper mechanisms and
       Dubai Declaration
                                                  highlighted at the second Hawkamah                    plans to allow us to jump onto the
                                                  conference in Dubai.                                  bandwagon of advanced nations.”
                                                                                                                                Continued on Page 7

                                                  Corporate Governance Helps
                                                  in Keeping the Family’s Wealth
                                                  Two stark realities underlay an ex-                   solutions, and some suggestions for
Reiner Geiger               Dr Nasser Saidi       tended session on Family Business                     the future, but stressed that none of
Deputy Secretary-General,   Executive Director,
OECD                        Hawkamah              at the Hawkamah Conference: 85%                       these was a “magic bullet” and that
                                                  of the region’s non-listed businesses                 none would work if the patriarch was
                                                  are family-owned, and an estimated                    not completely committed.
                                                  95% of those family businesses will
                                                  not survive into the third generation.                “When there is a breakdown, there
                                                                                                        are some ‘soft’ solutions on offer.
                                                  Speaking of so many families that                     The local ruler can adjudicate, some-
                                                  had gone “from rags to riches to                      times with unexpected results, or the
                                                  rags” in three generations, keynote                   courts can adjudicate, often with out-
Sebastian Molineus          Eithne Treanor        speaker Joseph A. Field, Senior In-                   comes like that experienced by one
Corporate Governance        Moderator             ternational Partner at Withers, of-                   Saudi family that ended up fighting in
Programme Manager for       CNBC Correspondent
IFC’s Private Enterprise                          fered some “hard” solutions’, “soft”                  five separate legal jurisdictions.”
Partnership                                                                                                                     Continued on Page 5

    Leading the way in Corporate Governance                                                                                                  1
                                                                                                      Hawkamah Newsletter. Issue 1, Vol 2                                                                                        Hawkamah Newsletter. Issue 1, Vol 2

                                                                                      An Absolute Essential                                      The Dubai Declaration                                           Progress & Obstacles
                                                                                      Corporate governance is a relatively new concept to        Policy makers, regulators, representatives from region-          Successful implementation of region-wide corpo-
                                                                                      many in the Middle East region, yet it is an absolutely    al and international organisations and business leaders          rate governance needs both the markets and pri-
                                                                                      essential facet of success in modern-day business.         from 13 countries across the Middle East and North               vate businesses to be on board, Dr Nasser Saidi,
                                                                                                                                                 Africa gathered at the Dubai International Financial             Executive Director of Hawkamah, told conference
                                                                                      Hence the importance of the Hawkamah Institute             Centre (DIFC) in November 2006 to issue the landmark             delegates, “and I think we’ve made progress with
                                                                                                                                                 Dubai Declaration on Corporate Governance.                       both.”
                                                                                      for Corporate Governance, whose advisory services
                                                                                      are boosting the ability of institutional and individual
                                                                                                                                                 The declaration, agreed upon during the Hawkamah                 However, Dr Saidi believes more effort is needed in
                                                                                      shareowners to better govern corporations and en-          Institute for Corporate Governance conference hosted             two key areas: the banks and the media. “If bank
                                                                                      hance both corporate accountability and the crea-          by Hawkamah and supported by its regional and in-                supervisors manage to implement corporate gov-
Simon Wong
Head of Corporate Governance, Barclays Global Investors, and Private Sector Advisor
                                                                                      tion of wealth.                                            ternational partners – the OECD, International Finance           ernance codes, their corporate clients will then im-
to the Global Corporate Governance Forum                                                                                                         Corporation, World Bank Global Corporate Governance              prove their own corporate governance codes.”
                                                                                      What is Corporate Governance?                              Forum, the Centre for International Private Enterprise,

Frameworks for                                                                        Corporate governance is the system by which com-
                                                                                                                                                 ISACA-UAE, INSOL International, the Institute for Inter-
                                                                                                                                                 national Finance, Financial Services Volunteer Corps,
                                                                                                                                                                                                                  He said the media could also play a crucial role. “In
                                                                                                                                                                                                                  most financial centres in the developed world there
                                                                                      panies are directed and controlled.                        the Union of Arab Banks, the Egyptian Banking Institute          are financial analysts to provide objective assess-
                                                                                                                                                 and the Egyptian Institute of Directors, in cooperation          ments of a company’s success and its weaknesses.
There were valuable insights to building corporate                                    In its narrow sense, it is a source of shareholder val-    with the 13 countries participating in the OECD MENA             Here, the media must provide that function. The re-
governance and legislative frameworks as experts                                      ue. Good corporate governance leads to better com-         Investment Programme.                                            gion’s journalists need to be better educated about
addressed the Hawkamah conference.                                                    pany performance, higher profitability and efficiency.                                                                      corporate governance and best practice.”
                                                                                      In its wider sense, the definition takes into account      Since then, implementation of the Dubai Declara-
Simon Wong, Head of Corporate Governance, Barclays                                    all the company’s stakeholders and corporate social        tion has seen the creation of taskforces focusing on             He pointed out that corporate governance was also
Global Investors, and Private Sector Advisor to the                                   responsibility.                                            the corporate governance of banks and on the corpo-              about people – the directors, accountants, financial
Global Corporate Governance Forum, emphasised                                                                                                    rate governance of state-owned enterprises (SOEs). A             auditors, bankers and the media, who needed to be
that cultural sensitivity and effective authority were                                                                                           corporate governance survey of banks developed in                “educated and motivated.”
                                                                                      Corporate Governance is important because it is part
required for corporate governance practices, and                                                                                                 consultation with key organizations and governments
                                                                                      of the institutional infrastructure (laws, regulations,    was conducted during 2007, resulting in a bank cor-              In light of this, Dr Saidi said, it was no surprise
listed six principles to guide its implementation:
                                                                                      institutions and enforcement mechanisms) underly-          porate governance policy brief. The SOE survey will be           that the greatest obstacle to progress in corporate
1. Understand the key problems, “in particular                                        ing sound economic performance.                            launched in early 2008.                                          governance lay in ignorance, as well as the ongo-
   taking cultural and legal differences into account.”                                                                                                                                                           ing manpower deficits resulting from the region’s
                                                                                      The pillars of corporate governance are transparen-        The need to tackle issues of insolvency and corporate            explosive growth, which had outpaced its ability to
2. Keep it simple. “Installing good and effective                                     cy, accountability, fairness and responsibility. The re-   restructuring saw the OECD and Hawkamah working                  educate and train a new generation in new chal-
   corporate governance is a very long process.”                                      sults are trust, respect and investment support won        with INSOL and the World Bank and gathering minis-               lenges.
                                                                                      from stakeholders and shareholders.                        tries, financial institutions, the judiciary, representatives
3. Allocate authority in an effective and efficient                                                                                              of OECD countries and other regional and international           A joint IFC-Hawkamah survey of regional CEOs
   way. “Regulators must be given the proper                                                                                                     bodies for talks on corporate restructuring, insolvency          found 63% approved of corporate governance, but
   enforcement powers, with the appropriate legal                                     6. Put proper enforcement mechanisms in place.             and insolvency proceedings.                                      only 20% could properly define it.
   recourse when necessary.”                                                             “Regulators need authority, resources, and
                                                                                         expertise to carry out their mission. Litigators need   Improved insolvency regimes increase the efficiency
4. Ensure consistency through a broad framework                                          avenues for redress that are objective, competent,      and performance of the credit and capital markets,              Hawkamah is now moving towards concrete actions
   of law “with attention to cultural norms and                                          predictable, and reasonably quick.”                     improve the investment climate, and enhance the re-             and direction resulting from these principles, facilitat-
   traditional practices.”                                                                                                                       gion’s ability to attract investors during times of high        ing the design of a comprehensive roadmap for cor-
                                                                                      Most important, Wong concluded, is that owners of          economic growth as well as prepare for potential cor-           porate governance in the region. This will enable
5. Use both sticks and carrots. “You can inspire fear,                                companies must be made aware of these issues.              porate restructuring in the future.                             Hawkamah to achieve its ultimate goals of encourag-
   but the proper incentives can encourage people to                                  “This can only be accomplished by raising public                                                                           ing investment, project finance, job creation and the
   adopt the appropriate good practices.”                                             awareness.”                                                Hawkamah has made significant headway since 2006;               development of sound financial markets.

Leading the way in Corporate Governance                                                                                                     2    Leading the way in Corporate Governance                                                                                 3
                                                                                   Hawkamah Newsletter. Issue 1, Vol 2                                                                                                                    Hawkamah Newsletter. Issue 1, Vol 2

                                                                                                                               Keeping the Family Wealth… from page 1
Diversifying Sophistication                                                                                                    However, Field said, the most im-
                                                                                                                                                                                                                                              from respected outsiders, and then
                                                                                                                                                                                                                                              professionals. If it then seems ap-
                                                                                                                               portant way to try to make a family                                                                            propriate, seek some kind of legal
Families and family offices are be-       home first. “The pressure is on to          ficult aspect of the work we do,         business beat the odds and survive                                                                             framework to better define, or re-
coming increasingly sophisticated         be proactive in presenting clients          but return is still the big driver.”     into a fourth or fifth generation was                                                                          define, the marriage – or to man-
and are looking to diversify their        with opportunities and in dealing           Shah said education would play a         to have a unifying vision, “prefera-                                                                           age a hopefully painless divorce.”
investments both inside and out-          with how clients want to manage             big role in the future as second         bly one set out in a family charter.”
side the region, heralding a pro-         their money.”                               and third generation family mem-         He also recommended creating                                                                                   Panel discussions stressed the
found change from the way family                                                      bers took the reins and became           family councils so that members                Joseph A. Field
                                                                                                                                                                                                                                              win-win nature of incorporating
                                                                                                                                                                              Senior International Partner, Withers
businesses have traditionally been                                                    decision makers.                         could have some means of private-                                                                              good corporate governance within
run and a sea change for financial        Feeling in the Dark                         “Older family members have put           ly expressing concerns and resolv-                                                                             family business structures – and of
institutions.                             Chartouni emphasised the impor-             in a world-class structure to man-       ing minor disputes before they be-              Most expensive of all, he said, was                            expecting strong corporate govern-
                                          tance of working with clients to            age money and new blood is com-          came major, and potentially public,             the family office. “Only the highest                           ance codes in any firms they might
“Increasingly sophisticated inves-        determine what they wanted to               ing in to make the decisions. This       disputes.                                       of the High Net Worth families can                             seek to acquire or invest in.
tors present a challenge for finan-       achieve as a family. Wealth repre-          is part of the process of change as                                                      afford this, but it is sometimes pos-
cial institutions to position the right   sented a means to get there, which          well. We are trying to grow our          “Also important is that families                sible for a group of families to share                         “Like in any market, but particu-
opportunity,” said Yasser Al Maska-       raised the issue of balancing risk          own people, but it’s difficult. There    should seek counsel from media-                 office and management facilities.”                             larly here, diversification is be-
ti, Head of Wealth Management,            with returns. This could be a chal-         is a real shortage of people who         tors whom all respect. Outsiders                                                                               coming more of an issue, to make
Addax Investment Bank.                    lenge for families that made in-            can manage (portfolios) and run          can often offer insights that those             Field stressed a most important fac-                           sure families with High Net Worth
                                          vestments without having set up a           with them.”                              too close to the situation cannot               tor: “What does the patriarch want?                            are able to find various products
“We consider opportunities in GCC         framework, a situation that Char-                                                    see.”                                           You must have family buy-in.”                                  to spread it around,” said Richard
or MENA as well as internationally.       touni described as a “feeling in the        Yasser Al Maskati, Head of Wealth                                                                                                                       Goldman, a partner at Bingham.
Our investors are increasingly            dark” process.                                                    Management         Gaining Traction                                Professional Help
seeking out financial advisors and                                                                          at Addax In-       He pointed out that the use of trusts           His advice to families was to first                            Gold-Plated Board
private banks. They are open to a         “Understanding this is critical.                                  vestment           was gaining traction in the region.             get professional help. “Profession-                            Dr Adnan Soufi, Managing Director
wide range of research and ad-            Family offices tend to chase re-                                  Bank, point-       “Trusts can create special family               als should draft any documents                                 of Financial Investments at SEDCO,
vice.”                                    turns rather than looking to the fu-                              ed out that        councils; assign voting shares and              within the family or in the family’s                           said his company’s experience un-
                                          ture. As we’ve seen through bub-                                  financial in-      aid in asset protection and tax re-             dealings with non-family mem-                                  derlined Field’s comments on the
Speaking from the point of view of        ble bursts, there can be dangers. If                              stitutions and     duction – particularly important as             bers.” Second was to communi-                                  importance of outside, independ-
family investing outside the region,      you are generating 40% to 50%                                     advisors           family business interests begin to              cate. “As programmes are devised,                              ent advisers. He said the three best
Cameron Chartouni, Chief Invest-          returns, there’s clearly a lot of risk      brought added value to clients by        sprawl around the world.”                       everyone in the family must be kept                            sources for independent advice
                      ment Officer,       involved,” he said.                         exposing them to new ideas and                                                           in the loop.”                                                  were private banks, universities
                      Acropolis                                                       new sectors for investment such          Private trust companies were a                                                                                 and independent directors. He laud-
                      Capital, said,      Maillesh Shah, Head of Mercer               as hospitality, media and art.           more expensive solution, “a Rolls               Field’s advice for safeguarding                                ed the value creation a business
                      “It    makes                          Consulting in                                                      Royce solution in a Rolls Royce                 a family business was, in short,                               reaped from a “gold-plated board.”
                      sense to di-                          the Middle                “This is also a way of managing          world.” Such trusts were actually               similar to that for safeguarding a                             The worth of quality, independent
                      versify and                           East, said                risk. It is critical to find the right   run and controlled by the family it-            marriage. “Try to resolve any dif-                             advisers could not be stressed too
                      invest glo-                           “risk man-                portfolio manager – no easy task         self. Field called it “freedom within           ferences privately, within the fam-                            highly.
                      bally. Some                           agement                   in a region undergoing a human           a framework.”                                   ily circle. If that fails, seek counsel                                                Continued on Page 7

                      families are                          was just as               resources crunch. Just because a
seeking advice from consultants                             important as              family member goes to business
to do this and others are running                           looking for               school outside of the region, does
that expertise in house.”                                   returns.”                 not mean he or she is a qualified
                                                                                      portfolio manager.”
GCC and MENA financial institu-           The balanced approach is coming
tions were dealing with enormous          into play more and more. Our role
wealth flowing back into the re-          is to help families identify the risk
gion as investors repatriated their       that concerns them and help them                                                              Richard A. Goldman              Dr Ayman Hashem                               Stuart Crocker                   Dr. Adnan Soufi
                                                                                                                                        Partner, Bingham                Sr Vice President - Strategic                 CEO Private Banking UAE &        Managing Director, for Finan-
wealth or decided to invest at            to calibrate it. This is the most dif-                                                                                        Mgmt Centre, Savola Group                     Southern Gulf, HSBC              cial Investments, SEDCO

Leading the way in Corporate Governance                                                                                   4    Leading the way in Corporate Governance                                                                                                                 5
                                                                                                               Hawkamah Newsletter. Issue 1, Vol 2                                                                                                               Hawkamah Newsletter. Issue 1, Vol 2

                                                                                                                                                                              Good for Business… continued from page 1

                                                                                                                                                                              He emphasized that “this can only happen after careful            The conference celebrated a year of far-reaching activ-
                                                                                                                                                                              analysis of available models of good corporate governance         ity in accordance with the Dubai Declaration agreed upon
                                                                                                                                                                              and economic development.”                                        and issued at the first Hawkamah conference in 2006.

                                                                                                                                                                              Dr. Nasser Saidi, Executive Director of Hawkamah, told del-
                                                                                                                                                                              egates: “The strength of our financial markets will depend        Family Wealth… continued from page 5
William Foster                  Justin Connor                      Al-Harith Sinclair                  Andre Baladi                         Oussama Salman                    on the level of trust that investors place on our market in-      However, he added, rapid growth in the region had creat-
Executive Director, Hawkamah    Director of Legal & Regulatory     Partner, Head of Regulation,        co-founder of International          Company Secretary and
Institute of Directors          and company secretary,             DLA Piper Middle East               Corporate Governance                 Legal Counsel, Oger Telecom       stitutions and financial infrastructure.”                         ed far more demand for highly-skilled professionals than
                                Emirates International                                                 Network                                                                                                                                  local talent had been able to supply.
                                                                                                                                                                              “Good corporate governance practices and resulting insti-
Notable Quotes                                                                                                                                                                tutions will embed the values of transparency, accountabil-
                                                                                                                                                                              ity, fairness and responsibility in the region’s markets and
                                                                                                                                                                                                                                                Describing a dilemma being faced by many firms, Dr Soufi
                                                                                                                                                                                                                                                said: “The locals who are familiar with the area’s business
“One major reason there hasn’t been better                                               “The role of the Company Secretary is vitally
corporate governance take-up from private                                                important. Rather than merely taking notes at                                        companies. It will contribute to the building of our markets,     culture don’t have the skills to meet the new challenges.
businesses is that the region has yet to be hit by a                                     meetings of the Board of Directors, they should                                      lessen the volatility of our financial markets and contribute     Skilled expatriate professionals have the expertise, but
cataclysm on the scale of the Enron collapse or the                                      follow day-to-day operations of the company, take                                    to the financing of the region’s economic development and         arrive in the region with little or no knowledge of the local
Asian economic crisis.”                                                                  care of - or pay attention to - shareholders needs                                   growth.”                                                          business culture. That’s costly for us, because the meter’s
                                                                                         and concerns, and serve as advisors to the Board                                                                                                       running.”
Dr Nasser Saidi, Executive Director of Hawkamah
                                                                                         and the Chairman on corporate governance.”
                                                                                         Oussama Salman, Company Secretary and Legal                                          Stark Warning                                                     Concurring with those remarks was Dr Ayman Hashem,
“Change is always painful. It is more painful if it is                                                                                                                        Sharing that view was Rainer Geiger, Deputy Secretary             Senior Vice President of the Savola Group’s Strategic
imposed from outside.”                                                                   Counsel for Oger Telecom
                                                                                                                                                                              General of the OECD. He praised Hawkamah, the IFC, the            Management Centre, who said people and talent were
A conference delegate from South Korea                                                                                                                                        OECD, the World Bank and the other parties who helped             critical issues. “As we grow and expand, the ability to re-
                                                                                         “Even though most companies are privately held,                                      craft and then implement the Dubai Declaration (see page          tain the people we need to go beyond our current level of
                                                                                         it is still important to create effective corporate                                  3) – but he issued a stark warning:                               performance is very difficult.”
“The risk is that if there is a crisis the regulators will
                                                                                         governance mechanisms and practices as if they
react to that crisis to protect investors, to protect
                                                                                         were public.”                                                                        “Investment in this region is picking up but it’s still not
their shareholders, to protect the markets. Then the
laws and the regulations that they enact may be                                          Justin Conner, Director of Legal & Regulatory                                        enough to permit the diversification of the economies, par-       Skills Shortage
more draconian than you may anticipate.”                                                 and Company Secretary, Emirates International                                        ticularly in the Gulf countries, or to favour the creation of     The skilled manpower shortage is making succession
                                                                                         Telecommunications                                                                   innovative enterprises. Corporate governance is absolutely        planning particularly difficult. The panelists stressed that
Sebastian Molineus, Corporate Governance
Programme Manager, IFC Private Enterprise                                                                                                                                     essential if this perception is to change.”                       competition for the brightest, quickest minds is now glo-
Partnership for the MENA Region                                                          “There are two buttons that you have to push. The                                                                                                      bal, and incentives have to rise accordingly in order to at-
                                                                                         first is fear - do you have the right structure in place?                              Did you know…                                                   tract – and crucially, retain – the best managers.
                                                                                         The second is greed - people want the best returns.
“The media can be used as leverage to disseminate                                                                                                                               What some steps family companies take when
                                                                                                                                                                                                                                                Stuart Crocker, CEO of HSBC Private Banking, UAE and
                                                                                         Underlying this is trust, especially from second and
the message that good corporate governance is good                                                                                                                              they get serious about Corporate Governance?
                                                                                         third generation family members.”                                                                                                                      Southern Gulf, said his colleagues had helped him identify
for business.”
                                                                                         Yasser Al Maskati, Head of Wealth Management,                                          ➢ Establish a ‘Family Constitution’                             five major areas: (a) clarification of the risks; (b) mitigation
William Foster, Executive Director,                                                      Addax Investment Bank                                                                                                                                  of the risks by clarifying what the categories represented,
                                                                                                                                                                                ➢ Establish a family employment policy - and separate
Institute of Directors                                                                                                                                                            family members’ rights and responsibilities as                identifying the risk indicators and assessing what was
                                                                                                                                                                                  shareholders and as employees.                                an acceptable level of risk in each category; (c) priorities
                                                                                                                                                                                ➢ If the firm will not pay dividends, set up a fund or other    for action; (d) ongoing reassessment of the risks; and (e)
                                                                                                                                                                                  mechanism to buy out family shareholders who prefer,
                                                                                                                                                                                  for example, annuity income over owning a growth
                                                                                                                                                                                                                                                ongoing challenging of assumptions behind the priorities
                                                                                                                                                                                  stock.                                                        and decisions.
                                                                                                                                                                                ➢ Create a succession plan for owner/founder/ CEO/
                                                                                                                                                                                  chairman.                                                     “Advice is available, but it’s getting the right advice based
                                                                                                                                                                                ➢ Develop transparent systems for financial accounting,         on the customers’ needs and objectives that is vital,”
                                                                                                                                                                                  management accounting, human resources and                    Crocker said.
            Faisal Hoodbhoy                     Mahesh Uttamchandani                   Sohail Zubairi                          John Foley                                         strategy development.
            Head of Business                    Senior Counsel for Insolvency          Senior Vice President, Dubai            Chairman, Citigold Corporation                                                                     Source: IFC
            Development, DIFX                   & Creditor Rights, World Bank          Islamic Bank

Leading the way in Corporate Governance                                                                                                                                   6      Leading the way in Corporate Governance                                                                                  7
                                                                             Hawkamah Newsletter. Issue 1, Vol 2

Where the Future Lies:                                                        Must Read
Hawkamah’s 2008 Agenda                                                        Corporate Governance
                                                                              in the GCC: Country
Corporate governance is funda-         pany perforce was confirmed by         Reports and
mental for the growth of financial     43% of the audience, while 30%         Comparative Survey
markets, which have never held         agreed that Hawkamah should            Keep abreast of the changing
as much importance in the region       introduce a corporate governance       investment and business
as they do now, Dr. Nasser Saidi,      rating system in the region.           environment in GCC countries,
                                                                              especially if you are involved in
Executive Director of Hawkamah,
                                                                              capital markets, banking and
told conference delegates.                                                    financial services, investment
                                       The Coming Year                        and fund management, corporate
“They have generated vast              Hawkamah now plans to finish           strategy development, management
amounts of wealth and will con-        the work of the regional task forc-    consultation and economic policy
                                                                              making. Order your copy now.
tinue to do so. It is critical that    es and work with regional stock
they function well. Major build-       markets to strengthen corporate
ing blocks will be confidence of       governance (for example by re-
investors, trust in companies and      viewing listing requirements), and
the corporate governance of these      help Sharia-compliant corporate
companies.”                            governance move from defining
                                       principles and standards to actual
At the same time, he said, there       company-level implementation.
was a lot of pressure on family
owned businesses. “They are be-        The Institution will also assess       Forthcoming
ing looked at to create the 100        corporate governance in the MENA       Events
million new jobs that need to be       region, engage family-owned en-        Feb 17-18
created in the region by 2020.         terprises in constructive dialogue     Director Development Workshop:
This means they must sustain           about developing regionally rele-      Introduction to Corporate
themselves and grow well into          vant corporate governance struc-       Governance, Abu Dhabi, UAE
third and fourth generation busi-      tures, and continue research on        Feb 19-20
nesses.”                               improving corporate governance         Director Development Workshop:
                                       rating systems and performance.        Role of Board in Protecting
He emphasised that the economic                                               Shareholder Rights, Abu Dhabi, UAE
and social stability of the region     The company awards programme
depended on corporate govern-          will be extended outside the           Join Hawkamah
ance. “It is where the future of       banking sector, while outreach         Are you an individual or organization
our region lies. It will protect our   to journalists will be continued to    seeking to promote good corporate
wealth and our future wealth.”         enhance awareness of corporate         governance? Become a Member
                                                                              of Hawkamah! More information
More Research
An audience poll at the confer-                                               Contact Us
ence confirmed the importance                                                 Hawkamah Institute for Corporate
of corporate governance and the                                               Governance
direction Hawkamah should take                                                Level 14, The Gate, Dubai
                                                                              International Financial Centre
over the next year. The need to
                                                                              P.O. Box 74777, Dubai, UAE
bolster more research on the links                                            T: +971.4.362.2551
of corporate governance and com-                                              F: +971.4.362.2552

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