Author: Yasser Metwally
09/9/2018 12:00 am
Corporate governance is a modern economic concept adopted by the developed world economies, which aims at the management of projects and large companies to avoid risks and protect them from mistakes that may be overthrown and graduated from the market.
Governance in its simplest sense means good governance of projects, companies and financial institutions.
It separates the administration from the owners. It allows freedom to manage decisions independently of the interests of immediate owners, but works in accordance with the interests of the company or the project in general and prevents monopoly decisions related to project management.
All here in Iraq recognizes the loss of the institutional system and the management of projects, companies and public and private institutions are subject to monopoly decisions in favor of private owners of money in the private sector and general managers in the public sector, and the concept of institutional governance to take decisions from the hands of the owners to put them in the hands of good administrations according to sound rules and standards.
During my follow-up to the economic affairs, I noticed that the Central Bank of Iraq has made remarkable progress in adopting the institutional governance program by adopting training programs in this regard based on its belief in its importance in ensuring the performance of banks.
He may record another success for his success in achieving monetary stability and maintaining the value of the Iraqi dinar against the exchange rates of foreign currencies for the adoption of the foundations of good governance in the management of the cash file.
Today, the Bank continues its efforts in cooperation with the Association of Private Banks to carry out high-level and important training programs in the field of corporate governance by introducing international expertise in this field and introducing high-level banking leaders such as members of the boards of directors of banks and authorized managers.
International institutions, including the International Finance Corporation (IFC), are interested in supporting this aspect in cooperation with the Central Bank of Iraq, where next week a workshop will be held in Erbil for the boards of private banking departments.
And we wish to generalize this experience and benefit from it by the departments and institutions of the State and the Iraqi private sector to organize training courses in this area.
Monetary policy has succeeded in a short period of successful management, which contributed to maintaining the strength of the local currency against exchange rates, despite the financial conditions and crises that hit the economies of the world, and today seeks to immunize private banks through the purposes and objectives of governance Institutions.
A sincere call for holding an expanded conference and specialized in institutional governance for a sound and sound start to the institutional building of the state of institutions that we wish.