Developing a Jordanian Corporate Governance National Task Force

The dialogue resulted in the formation of core working group which will identify and conduct outreach to other relevant stakeholders as well as develop an action plan for a national taskforce.

By providing management assistance, practical experience, and financial support to local organizations, CIPE aims to strengthen the ability of associations and other stakeholders in Jordan to develop or augment corporate governance task forces capable of affecting change in the governance of private firms, state-owned enterprises, and family-owned enterprises.

CIPE has supported more than 1,000 local initiatives in over 108 developing countries, involving the private sector in policy advocacy and institutional reform, improving governance, and building understanding of market-based democratic system. In holding this workshop, CIPE collaborated with Schema, and the Lebanese Corporate Governance Task Force (LCGTF) to begin public-private dialogue and provide regional expertise that can add value to the development of a taskforce suited for the Jordanian context.

By promoting cooperation and ensuring that all regulatory authorities are working together along with the private sector to implement the principles of governance locally, a national taskforce would boost the Jordanian market environment. It would also raise awareness and genuine understanding of the principles of corporate governance and its applications in Jordan by facilitating communication between different stakeholders. Having an effective national agenda for corporate governance and its applications in Jordan would also encourage foreign investment in Jordan which ineeds to create more jobs in the next 10 years than it has in the last 60 years.

Commenting on CIPE's support for this initiative, Mr. Richard Kraemer, program officer for Jordan in CIPE's Middle East and North Africa division, said: "Given current policy emphasis on foreign direct investment and privatization, Jordan's private sector stands in this environment to especially benefit from the adoption of best corporate governance practices. This is what this National Task Force aims to do and this requires the support and encouragement of both the private and public sectors".

Also commenting on Schema's role, Ms Maali Qasem, Head of Schema said: "Launching a national task force is only the beginning in ensuring the development of effective corporate governance practices that would create value for Jordanian companies and in creating the corporate culture that is accepting of such international best practices".