Corporations in the GCC need to look at improving their boards' composition and directors' capabilities to enhance corporate governance and a stable economy in the region.

That was the message from Deutsche Bank Mena chairman Dr Henry Azzam in a keynote speech during the GCC Board Directors Institute alumni dinner which attracted more than 100 senior officials.

Dr Azzam said the GCC needs more than interest from corporations in improving corporate governance, and that the region is in need of an effective implementation of best practices.

'The recent financial meltdown has played an important role in pressurising all companies to look at lifting their boards' effectiveness,' he said.

'However, for the GCC to strengthen its corporate governance, we need boards with the right knowledge and expertise to enhance best practice and further integrate the region's financial and economic efficiency,' Dr Azzam added.

'For companies seeking to raise the bar and increase value added by their boards, such workshops and networking events are crucial in improving knowledge.

'They are also crucial in promoting experience and solution-sharing between directors, businessmen and world-class experts,' he added.-TradeArabia News Service