The Abu Dhabi Commercial Bank (ADCB) has signed a partnership agreement with the Hawkamah Institute of Corporate Governance (Hawkamah), to promote corporate governance reform in the Middle East and North Africa (MENA) region.
As part of the agreement, ADCB will become a ‘Corporate Partner’ of Hawkamah and contribute key resources necessary to supporting Hawkamah’s mandate in strengthening corporate governance in the banking sector in the MENA region and ensuring the implementation of better corporate governance principles in the sector with the aim of building reliable financial institutions.
The bank has claimed that it has adopted four guiding principles for its corporate governance policies that include: responsibility – the clear division and delegation of authority; accountability in the relationships between the bank’s management and the board, and between the board and shareholders as well as other stakeholders; transparency and disclosure to enable stakeholders to assess the bank’s financial performance; fairness in the treatment of all stakeholders.
Nasser Saidi, executive director and board member of Hawkamah, said: “The participation of leading banking institutions is critical for accelerating the momentum of corporate governance development in the UAE and the region. ADCB’s contribution will strengthen our efforts to support the corporate sector in the UAE and regional institutions in implementing sound and sustainable corporate governance frameworks and practices that are both locally relevant and integrated with international norms.”
Salem Al Ameri, board member and chairman of the ADCB corporate governance committee, said: Our institution recognises the importance of good corporate governance in enhancing market stability, protecting shareholders and creating additional shareholder value. We believe in the importance of good corporate governance in ensuring sustainable economic growth and we support Hawkamah’s initiative to improve corporate governance practices in the region.
