Kuwait- AFM urges greater Arab commitment to good governance practices
Date
2/9/2016 10:11:49 PM
(MENAFN- Kuwait News Agency (KUNA)) ABU DHABI Feb 9 (KUNA) -- The Arab Monetary Fund (AFM) emphasized Tuesday the importance of Arab financial banking and stock markets' greater commitment to good governance practices.Speaking at the opening session of the Arab Regulator's Corporate Governance Forum in Abu Dhabi Chairman of the AFM Dr. Abdulrahman Al Hamidy lauded the efforts made by the supervisory and regulatory authorities in Arab countries to improve the practices of corporate governance.He however stressed the need for more efforts not only to develop legislation and regulation but also for a remarkable level of commitment awareness and capacity building.Al Hamidy cautioned that the recent regional and international economic and financial crises pose huge challenges to the economies and financial systems of the Arab countries.He added that studies and researches have proved that the good governance has played an instrumental role in enhancing the strength of financial and banking sectors in different countries and helped them overcome challenges.He noted that the two-day event is attended by a large number of senior officials and experts from financial and international institutions ministries of economy and finance central banks and capital market authorities and chambers of commerce and industry in the Arab countries.The forum focuses on the latest developments in the international principles related to governance of the Organization for Economic Cooperation and Development (OECD) that were approved by the G20 and the challenges faced in the implementation of these principles in the Arab countries.It tackles the role of the Arab regulatory authorities in creating a favorable legislative environment that encourage establishing sound corporate governance practices in light of the reality of the situation and the application of corporate governance in the Arab countries and the effective methodologies and tools used to assess the adherence to the principles of corporate governance. (end) asa.nsa.ibi
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