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The MoU is primarily designed to highlight the need for corporate sector reforms and improve corporate governance in public and private sector entities in the MENA region, particularly within state-owned enterprises.
The objectives of the MoU are:
•To develop best-practice regulatory frameworks that improve corporate governance in regional state-owned enterprises
• To improve corporate governance practices of public and private sector entities including state- owned enterprises, listed companies, family owned enterprises, small and medium enterprises and the corporate sector
• Help develop a national legal and regulatory framework for best-practice financial reporting standards in regional public and private sector entities
• Hawkamah and the EIoD will work towards other areas of co-operation and collaboration such as conducting corporate governance surveys and assessments, designing training programmes, raising public awareness, and developing a communication strategy
His Excellency, Dr Omar Bin Sulaiman, Governor of the DIFC, said:
"One of the prime objectives for the DIFC is to help integrate the regional economy into the global landscape. This will be possible only when corporations and countries in the region incorporate internationally recognised best practices within their legal and regulatory frameworks. This MoU is a step towards achieving our objective. Good governance is the key to optimising the performance and health of any organisation, which in turn directly impacts a country's economy and society".
His Excellency, Dr. Mahmoud Mohiedin, Egyptian Minister of Investment, said:
"The changes in market structures, globalization, and the intense competition among regions of the world, all have made corporate governance an important factor that affects each country's economic performance and development. Therefore, the application of corporate governance is one of the government's top priorities. Co-operation between Hawkamah and the EIoD will enable us to improve the practices of corporate governance in the Arab Countries. This will enable the region to attract more foreign direct investment, thus enhancing its competitiveness".
Dr Nasser Saidi, Executive Director of Hawkamah, the Institute for Corporate Governance, commented: "Hawkamah aims to help the countries in the MENA region develop and implement globally sound and well-integrated corporate governance frameworks. Our MoU with the EIOD strengthens the corporate governance network across the MENA region and sends a clear signal that Ministries and policy-makers have put good corporate governance practices high on the policy agenda. We are working towards more such agreements with other countries as well."
Dr. Ashraf Gamal El-Din, Executive Director of the EIoD, said:
"Our aim is to spread the understanding and application of good corporate governance practices in Egypt and the wider MENA region. Co-operation between the EIoD and Hawkamah is a big step forward that will surely have a positive impact on the corporate sector throughout the region".
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Posted by Anne-Birte Stensgaard, Senior News Editor
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