Corporate governance award for UAE banks launched

April 24th, 2008 - 9:48 pm ICT by admin  

By Aroonim Bhuyan
Dubai, April 24 (IANS) The United Arab Emirates (UAE)-based institute for corporate governance Hawkamah has launched a new corporate governance award for banks in this Gulf nation. “The UAE Corporate Governance Award offers an ideal opportunity to recognize and acknowledge those banks that have shown a commitment to improving their corporate governance in accord with best international practices,” Hawkamah executive director Nasser Saidi said while launching the award at a bankers’ lunch hosted in honour of visiting Indian Commerce and Industry Minister Kamal Nath by the Emirates Bankers’ Forum (EBF) here Thursday.

The new award, developed by Hawkamah, will enable the Emirates Banks Association to obtain an independent and credible assessment of the quality and extent of corporate governance standards within banks across the UAE.

The award will be decided through an assessment by a three-member jury comprising prominent international banking experts.

“Members of the jury will have no stake, no shareholding in any UAE bank. The three members of the jury will come from outside the region,” Saidi said.

The award will be given under three categories: overall corporate governance structure, board governance and transparency and disclosure.

Applications for the award will be accepted from April 27 to July 31 and the winners will be announced during the EBF bankers’ lunch in October this year.

Expressing support for the award, EBF president Sulaiman Al Mazroui said: “The awards offer an opportunity to highlight the improvements in corporate governance in the UAE and further encourage UAE banks to implement and improve their corporate governance practices.”

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