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Abu Dhabi Commercial Bank Partners with Hawkamah to Advance Corporate Governance Reform in the region.

Summary: ADCB ADCB Abu Dhabi Commercial Bank  to Support Hawkamah's Programmes Aimed at Advancing Sustainable Corporate Governance Corporate Governance

The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law.
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ADCB to Support Hawkamah's Programmes Aimed at Advancing Sustainable Corporate Governance in the MENA Region

The Abu Dhabi Commercial Bank Abu Dhabi Commercial Bank, commonly called ADCB, is a bank in the United Arab Emirates.  (ADCB) has signed a partnership agreement with the Hawkamah Institute of Corporate Governance (Hawkamah), to promote corporate governance reform in the Middle East and North Africa (MENA) region.

As part of the agreement, ADCB will become a 'Corporate Partner' of Hawkamah and contribute key resources necessary to supporting Hawkamah's mandate in strengthening corporate governance in the banking sector in the MENA region and ensuring the implementation of sound and robust corporate governance principles in the sector with the aim of building safer and sounder financial institutions.

Dr Nasser Saidi Dr. Nasser Saidi is a Lebanese politician and economist who served as the Minister of economy and industry and the Vice-governor for the Lebanese central banks for several terms in the last decade of the 20th century. , Executive Director and Board Member of Hawkamah, said: "We are very pleased to welcome ADCB, one of the region's leading banking institutions, as our Corporate Partner. ADCB joins a growing number of international and regional organisations that are supporting stronger corporate governance standards and practices. The participation of leading banking institutions is critical for accelerating the momentum of corporate governance development in the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend.  and the region. ADCB's contribution will strengthen our efforts to support the corporate sector in the UAE and regional institutions in implementing sound and sustainable corporate governance frameworks and practices that are both locally relevant and integrated with international norms."

Mr. Salem Al Ameri, Board Member and Chairman of the ADCB Corporate Governance Committee, said: "Our institution recognises the importance of good corporate governance in enhancing market stability, protecting shareholders and creating additional shareholder value. We believe in the importance of good corporate governance in ensuring sustainable economic growth and we support Hawkamah's initiative to improve corporate governance practices in the region. This partnership with Hawkamah is a clear testament of ADCB's commitment to corporate governance."

"We believe that good corporate governance provides a strong foundation for our organisation's future development. Good governance The terms governance and good governance are increasingly being used in development literature. Governance describes the process of decision-making and the process by which decisions are implemented (or not implemented).  also promotes the trust of depositors and shareholders and enables us to make greater contributions to the development of Abu Dhabi's financial system," added the ADCB CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. .The bank has adopted four guiding principles for its corporate governance policies:* Responsibility - the clear division and delegation of authority The action by which a commander assigns part of his or her authority commensurate with the assigned task to a subordinate commander. While ultimate responsibility cannot be relinquished, delegation of authority carries with it the imposition of a measure of responsibility. .* Accountability in the relationships between the bank's management and the board, and between the board and shareholders as well as other stakeholders.* Transparency and Disclosure to enable stakeholders to assess the bank's financial performance.* Fairness in the treatment of all stakeholders.ADCB has been actively implementing good corporate governance practices since 2007. The partnership with Hawkamah this year is another significant initiative that underlines the bank's commitment to international best practices and good governance.

The Abu Dhabi Commercial Bank joins a growing number of reputable institutions showing their support for an independent, private sector initiative that is improving the understanding and practice of corporate governance in the MENA region. Since its inception in 2006, Hawkamah has signed partnership agreements with major international and regional organizations including GE, PricewaterhouseCoopers, MasterCard Worldwide, Korn/Ferry International, Dubai Islamic Bank The Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975. Financial Information

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Total Assets 30,613,361 22,778,319 19,587,790
Shareholder's Equity 2,687,419 1,548,180 1,473,986
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 and Abraaj Capital. The resources contributed by Hawkamah's partners support Hawkamah's key programmes for Banks and Financial Institutions, Insurance, Family Owned Companies, State Owned Enterprises, Shari'a Compliant Institutions, Private Equity, Media and Academia. 2009 Al Bawaba (www.albawaba.com)

2009 Al Bawaba (Albawaba.com)

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Publication:Albawaba.com
Date:Aug 20, 2009
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