Kuwait: Kuwait Financial Centre “Markaz” announced that it sponsored the Corporate Directors Training Program (CDP), developed by the International Finance Corporation (IFC) program, and organized by Soroptimist Kuwait, in association with EIG – Tamayyaz. The program was designed to provide participants with tools to improve corporate governance practices, which positively impact good governance practices, procedures and sustainable growth by enabling corporate boards to fulfil their roles and responsibilities, while also highlighting the importance of gender diversity in boardrooms.
In a strong endorsement of the purpose and principles of the initiative, three of Markaz’s senior members participated in the online program. Through its sponsorship and participation, Markaz reiterates its commitment to fostering and promoting good corporate governance and advancing gender diversity and the empowerment of women in Kuwait in line with its corporate social and economic responsibility strategy and the New Kuwait Vision 2035’s key goals.
As an organization that strives for excellence in its offerings and is committed to playing a key role in Kuwait’s development as a global leader on all fronts, Markaz has always remained keen on adopting and promoting global best practices in corporate governance, diversity and inclusion. Markaz’s support for the CDP helps in accelerating national efforts to build a thriving private sector that will lead the development of an equal and prosperous society.
The Online Corporate Directors Program and Gender Diversity Program consist of five parts; namely: Part 1: Introduction to Corporate Governance and the role, responsibilities and duties of the board of directors, Part 2: Practical Tools, Part 3: The Internal Control Framework, Disclosure and Transparency, Part 4: The Role of the Board in Protecting Shareholders Rights, and Part 5: Gender Diversity on Boards.
The Corporate Directors Program (CDP) enables participants to strengthen their commitment and knowledge on good governance; understand the board’s role, responsibilities and duties, as well as enabling appropriate structures and composition so as to optimize the board’s efficiency.
The program also provides international best practices and case studies on key aspects of good governance such as Disclosure and Transparency (Financial and non-Financial Disclosure) delivering a robust internal control framework (including risk management and internal audit functions). In addition, the program enables participants to adopt shareholder protection practices, which prioritize equal treatment of all shareholders, and provides guidance on how to manage related party transactions, conflicts of interest and alternative mechanisms for managing corporate conflicts.
Finally, the Gender Diversity on Boards program identifies the key challenges being faced when trying to promote gender diversity while also focusing on international best practices and solutions so as to overcome these challenges.
About Kuwait Financial Centre “Markaz”
Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.17 billion as of 31 March 2022 (USD 3.85 billion). Over the years, Markaz has pioneered innovation through developing new concepts resulting in creation of new investment channels. These channels enjoy unique characteristics, and helped Markaz widen investors’ horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund) and Forsa Financial Fund (the first and only options market maker in the GCC since 2005), all conceptualized, established and managed by Markaz. Markaz was listed on the Boursa Kuwait in 1997.
