Push for investment hub.MANAMA: International Chamber of Commerce (ICC ICC
See: International Chamber of Commerce ) Bahrain is raising the profile of the kingdom as a global investment destination by setting up a task force on 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. .
"A country known for good corporate governance practices attracts businessmen as it boosts investor confidence," said ICC Bahrain chairman Ebrahim Zainal.
"A corporation which practices 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). that recognise the rights and interests of shareholders as well as stakeholders Stakeholders
All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. enhances its competitiveness and ensures public trust, which ultimately contributes to the development of regional economy."
The task force aims to work in co-ordination with the National Steering Committee steer·ing committee
A committee that sets agendas and schedules of business, as for a legislative body or other assemblage.
Noun on Corporate Governance to spread awareness and make recommendations to be considered for the implementation of the corporate governance code, said Mr Zainal, who is also a member of the national steering committee on corporate governance code.
Chairman of the task force, Abbas Radhi, who is also a member of the national steering committee said the committee had been working for nearly three years to align align (līn),
v to move the teeth into their proper positions to conform to the line of occlusion. the draft code to the requirements of Bahrain.
The draft code, which is out for comments from businesses, when ratified rat·i·fy
tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies
To approve and give formal sanction to; confirm. See Synonyms at approve. , will be applicable to all private and public sector business entities as well as NGOs.
Task force vice-chairman Pradeep Taneja, who is also the member of the Paris-based ICC Commission on Banking Technique and Practice and chairs the ICC Bahrain Trade Finance Forum said that in today's world affected with the financial turmoil and crisis, the demands of society legitimately require that companies and financial sector alike, exercise a high degree of diligence in their corporate governance so as to improve economic efficiency.
In co-ordination with the National Steering Committee, the task force aims to create awareness about the code and implications of putting the code into practice, with the expertise of International Chamber of Commerce, Paris, which is the largest representative business organisation in the world.
The task force will also co-ordinate with Bahrain Chamber of Commerce and Industry.
Copyright 2008 Gulf Daily News
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