Hawkamah seeks entries for governance award
Dubai, April 27, 2013
Hawkamah, the Institute for corporate governance, is inviting all Arab banks in the Mena region to send in their entries by May 10 for winning the best 'Bank Corporate Governance Awards.'
The award was launched in 2007 by the Hawkamah to honour banks that have taken the extra steps necessary in improving their Corporate Governance practices, beyond the legal and regulatory requirements.
Hawkamah said the 7th Bank Corporate Governance Award winners will be announced in June.
Leonardo Peklar, the CEO of Hawkamah said, "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 interestof participationfrom regional Arab banks in the awards," he stated.
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," he added.
The jury comprises 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 Lords’ Economic Affairs Select Committee’s Inquiry into Auditors; 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, Prof of International Economic Law, and ex-senior regional advisor, OECD.
Dr 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.
Charles Freeland stressed the importance of the awards for the region by saying, “These awards provide exactly the right incentives to improve banks' due process and to promote robust checks and balances in the management of increasingly complex risks.
Dr Rainer Geiger said 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, he added.
Leonardo pointed out that 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.-TradeArabia News Service
Tags: Hawkamah |
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs