(MENAFN- Kuwait News Agency (KUNA)) Bahrain's first deputy chief lawmaker Jamal Fakhro stressed the need to apply the principles of governance to government and private companies as they are for companies listed on the stock market.
The First Deputy Shura Council speaker made the comments to KUNA during the First GCC Forum for Accountants and Auditors, adding that this would provide transparency and would ease the auditing process carried out by legal institutions.
Fakhro, who is the Executive Partner of leading auditing firm KPMG, added that this would also allow a fairer appointment of board members and would clarify administrative mechanisms.
This should include banks and financial institutions, in order to enhance and create an effective financial order that reduces negative results.
The two-day talks, which kicked off Tuesday, were held under the auspices of Bahraini Minister of Commerce and Industry Hassan bin Abdullah Fakhro.
In a speech at the event he stated that governance has come to hold extreme importance, aiming to maintain markets of high competitiveness, transparency and integrity.
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