MoU aims to promote reform and corporate governance

Dubai: The Ministry of Economy and Hawkamah the Institute for Corporate Governance (HICG) yesterday signed a Memorandum of Understanding (MoU) to promote corporate reform and improve upon corporate governance in commercial and financial activities in the UAE's public and private sectors.

The MoU, signed by Minister of Economy Shaikha Lubna Al Qasimi and the Executive Director of HICG, Dr Nasser Saidi, will develop modern regulatory frameworks with respect to corporate governance for capital markets in the UAE in line with international best practices.

Better standards

Emphasising the importance of advocating corporate governance, Saidi said it will help to develop national legal and regulatory frameworks in the UAE with respect to corporate governance and best financial reporting standards.

Saidi said the minister will be taking the initiative of forming an emirate corporate governance taskforce in accordance with international standards.

Saidi pointed out that another objective is to cooperate on corporate governance institution-building in UAE, to develop communication strategy and an implementation programme focused on increasing the training capacity of institution and involving all stake holders.