9 - 10 February 2016, Abu Dhabi, UAE
Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund inaugurates tomorrow, Tuesday, 9th of February 2016 in Abu Dhabi Beach Rotana Hotel the Arab Regulators' Corporate Governance Forum: Opportunities and Challenges, in the presence of a large number of senior officials and experts from financial and international institutions, ministries of economy and finance, central banks and capital market authorities and chambers of commerce and industry in the Arab countries. Mr. Jose Angel Gurria Secretary-General of the Organization for Economic Cooperation and Development will deliver the keynote speech.
The forum will extend for two days, and discussions will focus on the latest developments in the international principles related to governance of the Organization for Economic Cooperation and Development (OECD), that were approved by the G20 and the challenges faced in the implementation of these principles in the Arab countries. The expected role of the Arab regulatory authorities that could be played, to create a favorable legislative environment that encourage establishing sound corporate governance practices in light of the reality of the situation and the application of corporate governance in the Arab countries will also be discussed during the two days.
The forum will also discuss issues related to the effective implementation of the principles of corporate governance, including the importance of education and training and capacity building, and board of directors practices and compensations as well as the rights of investors and shareholders. It also includes a discussion on corporate governance requirements and public institutions, and the role of the independent members in the board of directors.
Finally, the forum will address effective methodologies and tools used to assess the adherence to the principles of corporate governance based on a number of Arab and international experiences.
On this occasion, Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund stressed the importance of the topics and issues discussed in governance forum, praising the great efforts made by the supervisory and regulatory authorities in the Arab countries to improve the practices of corporate governance, and called for more efforts not only to develop legislation and regulation, but also for a level of commitment, awareness and capacity building, as well as expanding these practices to include companies and institutions outside of the capital markets and family and public companies.
The Secretary-General of the Union of Arab Securities Authorities (UASA), Jalil Tarif, says that holding this forum is considered as a fruit of joint cooperation between the UASA and the Arab Monetary Fund and represents the first high standard professional association that addresses governance from the perspective of the supervisory and regulatory authorities on the financial sector in the Arab region, the regulatory authorities in the capital market and central banks play an essential role in merging the application of the corporate governance principles and good practices. The active participation of international institutions in this area represented by the Organization for Economic Cooperation and Development (OECD) and the International Finance Corporation (IFC) emphasizes the importance of this forum in contributing to the efforts of the supervisory and regulatory authorities in the Arab region.
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Press Release 2016
