Source: Bahrain Tribune Monday, 29 October 2008
The International Chamber of Commerce (ICC) Bahrain yesterday constituted a task force to work in coordination with the National Steering Committee to create a corporate governance code for the Kingdom.
A country known for good corporate governance practices attracts investors, as it boosts investor confidence,
said Ebrahim Zainal, chairman of ICC Bahrain, outlining the role of corporate governance in showcasing the Kingdom to the world as an ideal investment destination.
“A corporation which practices good governance recognising the rights and interests of shareholders as well as stakeholders enhances its competitiveness and ensures public trust, which ultimately contributes to the development of regional economy,” said Zainal, who is also a member of the National Steering Committee on Corporate Governance Code.
The Task Force Chairman, Abbas Radhi said that work on the draft code had been underway for the past three years. The draft code, which was now released for comments by businesses, on ratification will be applicable to all private and public sector business entities as well as NGOs in the Kingdom.
Pradeep Taneja, vice chairman of the Task Force, 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 financial sector players exercising a high degree of diligence in their corporate governance practices to improve overall economic efficiency was the need of the hour in the wake of the global financial turmoil.
In coordination with the National Steering Committee, the Task Force aims to facilitate awareness about the code and implications of putting the code into practice, with the expertise of International Chamber of Commerce, Paris, the largest representative business organisation in the world.
Posted by