The Hawkamah Institute for Corporate Governance and the Emirates Bankers Forum on Tuesday honoured the winners of the UAE Bank Corporate Governance Awards during the Bankers' Lunch - a monthly event for senior officials of UAE banks.
National Bank of Abu Dhabi was the winner in the Overall Corporate Governance Structure category.
The Best Board award was received by Bank of Sharjah, while the winner of the Best Transparency and Disclosure Award was Commercial Bank of Dubai. Nasser Al Saidi, the executive director of Hawkamah, said: "It is imperative to invest in strong corporate governance frameworks and practice in order protect and grow the region's wealth."
"Underlying the current credit crisis and financial meltdown is a failure of corporate governance at the level of banks and regulators," Al Saidi added.
He said good corporate governance, coupled with effective supervision and regulation will increase transparency and disclosure, build investor confidence and add depth to financial markets by promoting higher quality protection of shareholder and creditor rights.
Sulaiman Al Mazroui, general manager of marketing and corporate communications at Emirates NBD, said that the global financial crisis has "fast forwarded" the adoption of the local and regional banking and finance sector for corporate governance practices.
"Financial institutions are increasingly aware of the importance of crisis management," he said. – Gulf News
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