Hawkamah Institute for Corporate Governance (Hawkamah), a leading centre for corporate governance, has signed a MoU with Securities and Investment Institute (SII) to promote good corporate governance practices in the UAE, GCC and Mena region.

SII is the largest and most reputed professional body in the securities and investment industry in the UK. Formed as the 'Securities Institute' in 1992 by the members of the London Stock Exchange, the institute changed its name in November 2004.

As part of the agreement, Hawkamah and the SII will work together to promote financial market integrity through corporate sector and corporate governance reforms and will co-operate to improve the corporate governance practices of private and public sector entities, said a DIFC official.

Emphasis will be given to promoting a culture of ethics, transparency and accountability in the banking and financial industry work place and its professionals, Abdulla Al Awar, managing director of DIFC Authority said.

“Good corporate governance has a highly positive effect on the performance of a company by enhancing both corporate accountability and the creation of wealth. Hawkamah is committed to promoting the benefits of good corporate governance and to encouraging corporate governance reforms across the region,' Al Awar noted.

'We look forward to working closely with SII to actively promote and demonstrably improve good corporate governance practices in the Mena region,' he added.

Dr Nasser Saidi, executive director of Hawkamah said the signing of the MOU has strengthened the resolve of the two institutions to work together for setting standards of professional excellence and integrity for the investment and security industry.

'The adoption of a code of ethics and implementation of good corporate governance practices has significant benefits for companies,' he said.

'By promoting the core values of transparency, accountability, fairness, disclosure and responsibility, Hawkamah and SII are committed to improving corporate governance standards across the region and to raising awareness of what has become a vital element of today’s business landscape. As part of this initiative, Hawkamah will open a register of all companies that voluntary sign on to comply with SII’s Code of Ethics,' he added.

Simon Culhane, executive officer of SII said “As a not-for-profit membership body, SIIs mission is to set standards of professional excellence and integrity for the investment and security industry providing qualifications and promoting the highest level of competence to our members, other individuals and firms.'

'We are delighted to join Hawkamah on its mission to shape corporate governance throughout the region by promoting the core values of transparency, accountability, fairness, disclosure and responsibility,' he observed.-TradeArabia News Service