MasterCard Worldwide, a leader in advancing global commerce, has announced, for the second consecutive year, its support towards the Hawkamah – UAB Bank Corporate Governance Awards 2008.
The Award, which was inaugurated in 2007 by The Hawkamah Institute for Corporate Governance and the Union of Arab Banks (UAB), in association with MasterCard Worldwide, aims to promote best practices in corporate governance within the banking sector in the Arab world. The criteria for the Hawkamah – UAB Bank Corporate Governance Award cover a number of key areas including: commitment to good corporate governance; structure and functioning of the Board of Directors (or equivalent Supervisory Board); controlled environment and processes; transparency and disclosure; and treatment of minority shareholders. Award winners will be chosen based on their proficiency in the selected criteria.
This year’s award entries attracted submissions from banks in UAE, Egypt, Iraq, Jordan, KSA, Kuwait, Lebanon, Oman, Palestine, Qatar, Sudan and Tunisia. The deadline for submissions ended on November 14, 2008 and applications are currently undergoing rigorous assessment by a distinguished jury panel including Michael Stevenson, Middle East Senior Partner, PricewaterhouseCoopers; Charles Freeland, a well-respected international banking consultant, former Deputy Secretary General, Basel Committee on Banking; and Chris Pierce, Chairman, Global Governance Services Ltd.
Dr. Nasser Saidi, Executive Director, Hawkamah Institute for Corporate Governance commented, “The ongoing banking & financial crisis clearly demonstrates that Corporate Governance deficiencies and mal-governance facilitated or did not prevent practices that resulted in poor performance, including failure and bankruptcy of major financial institutions. To protect and give confidence to their depositors, shareholders and the general public, it is imperative that our banks continue to invest in improving their corporate governance policies and practices including good risk management practices. The annual Hawkamah – UAB Bank Corporate Governance Award is designed to recognize good practice and outstanding corporate governance performance, and we are pleased to receive, once more, the support from MasterCard”.
Dr. Fouad Shaker, Secretary General, Union of Arab Banks, commented, “UAB aims to provide an effective platform for the development of the Arab banking industry to compete with the increasingly competitive and dynamic global industry while taking into consideration the uniqueness of local markets. Raising awareness and encouraging innovation in corporate governance standards is an important part of our mandate. We are committed to developing good governance, transparency and accountability among banks in the Arab region and the Hawkamah-UAB Bank Corporate Governance Award 2008 underscores this commitment.”
Denzil Lawson, General Manager, Middle East & Levant, MasterCard Worldwide commented, “MasterCard is delighted to lend its support to this prestigious award for a second consecutive year. Since its inception, this award has contributed to the advancement of corporate governance in the Middle East and North Africa (MENA) region and has promoted transparency and efficiency in the banking sector. Moreover, it is aligned with our commitment to further strengthen the payments landscape in the region.”
The Award winner and the two runner-ups will be announced on 22 December 2008 during a special awards ceremony will be held at Jumeirah Emirates Towers Hotel
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About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information, go to www.mastercardworldwide.com.
Hawkamah Institute for Corporate Governance
Hawkamah is a regional entity whose mission is to assist countries and companies of the wider MENA region in developing sound and globally well-integrated corporate governance frameworks and practices. It supports regional and international initiatives to develop open and transparent markets and sound corporate governance regimes.
Union of Arab Banks
Currently comprises 320 Arab financial and banking institutions, including the largest and most significant Arab banks. This makes the UAB the foremost banking and financial consortium in the region, and the truest representative of the Arab banking community. The UAB is committed to serving the Arab banking sector, ensuring its complete compliance to international financial standards, and strengthening its international cooperation with the world marketplace and thus participation in beneficial international initiatives.
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