Bahrain elevates its profile as investment hub
Manama, October 30, 2008
International Chamber of Commerce (ICC) Bahrain is raising the profile of the kingdom as a global investment destination by setting up a task force on corporate governance.
"A country known for good corporate governance practices attracts businessmen as it boosts investor confidence," said ICC Bahrain chairman Ebrahim Zainal, said a report in our sister publication, the Gulf Daily News.
"A corporation which practices good governance that recognise the rights and interests of shareholders as well as stakeholders enhances its competitiveness and ensures public trust, which ultimately contributes to the development of regional economy."
The task force aims to work in co-ordination with the National Steering Committee on Corporate Governance to spread awareness and make recommendations to be considered for the implementation of the corporate governance code, said Zainal, who is also a member of the national steering committee on corporate governance code.
Chairman of the task force, Abbas Radhi, who is also a member of the national steering committee said the committee had been working for nearly three years to align the draft code to the requirements of Bahrain.
The draft code, which is out for comments from businesses, when ratified, will be applicable to all private and public sector business entities as well as NGOs.
Task force vice-chairman Pradeep Taneja, who is also the member of the Paris-based ICC Commission on Banking Technique and Practice and chairs the ICC Bahrain Trade Finance Forum said that in today's world affected with the financial turmoil and crisis, the demands of society legitimately require that companies and financial sector alike, exercise a high degree of diligence in their corporate governance so as to improve economic efficiency.
In co-ordination with the National Steering Committee, the task force aims to create awareness about the code and implications of putting the code into practice, with the expertise of International Chamber of Commerce, Paris, which is the largest representative business organisation in the world.
The task force will also co-ordinate with Bahrain Chamber of Commerce and Industry. - TradeArabia News Service