Hawkamah Institute and Union of Arab Banks announce Burgan Bank as winner of the region's first Corporate Governance Award

Selected as the winner from a list of over 40 submissions from banks within the Middle East & Levant, Burgan Bank demonstrated a high level of proficiency, dedication and commitment to good corporate governance in a number of key areas including:
• Structure and functioning of the Board of Directors (or equivalent Supervisory Board)
• Controlled environment and processes
• Transparency and disclosure
• Treatment of minority shareholders

The decision to name Burgan Bank as the winning submission was reached after rigorous assessment by the international jury of experts.

Jury members included Charles Freeland, a well-respected international banking consultant, former Deputy Secretary General, Basel Committee on Banking; Michael Stevenson, Middle East Senior Partner (PWC) and Ambassador John Bohn, who is currently Commissioner at California Public Utilities Commission and Chair of Globalnet Venture Partners.

In addition to Burgan Bank, Dhofar Bank was named as the second runner up and Bank of Kuwait and the Middle East the third runner up.

Jonathan Lyon, Chief Executive Officer, Burgan Bank, said "We are very delighted to win the inaugural Hawkamah - UAB Bank Corporate Governance Award as it acknowledges our commitment to corporate governance. Corporate governance is an integral pillar to our business, promoting transparency and efficiency both internally and externally."

Dr. Nasser Saidi, Executive Director, Hawkamah Institute for Corporate Governance commented, "The Hawkamah Institute for Corporate Governance congratulates Burgan Bank as winner of the Hawkamah - UAB Bank Corporate Governance Award 2007. Corporate governance is a vital part of the laws, regulations, institutions and enforcement mechanisms that make up an economy's institutional infrastructure and integrity. It is crucial for banks in the Arab world to develop and implement good corporate governance policies and practices and Burgan Bank has demonstrated strong proficiency in various key areas of corporate governance."

Dr. Fouad Shaker, Secretary General, Union of Arab Banks, commented, "Burgan Bank, as the first bank in the Middle East to be awarded, has demonstrated the importance of corporate initiatives in the banking industry. We extend our congratulations and send our best wishes to Burgan Bank and thank the Jury for their time, commitment and hard work in choosing the Award winning bank."

Mark Beer, vice president, Government Affairs and Corporate Services, MasterCard Worldwide, South Asia, Middle East and Africa (SAMEA) commented, "As a proud supporter of the Hawkamah - UAB Bank Corporate Governance Award and founding sponsor of the Hawkamah Institute, MasterCard is very pleased to congratulate Burgan Bank as the winning bank. MasterCard supports this Award that acknowledges banks who build open and transparent markets and drive efficiencies across their economies and within the payment system."