Governance: Governance has become an international requirement as important as combating the financing of terrorism
2018/11/11 8:41 am
The President of the Association of Iraqi Private Banks, Wadih al-Hanalal, stressed that governance has become an international requirement no less important than the requirements of money laundering and combating the financing of terrorism.
Speaking at the first session of the Iraqi Institute of Directors conference in Baghdad, Al-Hanal said that governance has become an international requirement as important as money-laundering and counterterrorism requirements because it will add valuable and important things to private sector companies.
"Governance is a good tool to enable the community to ensure that companies are well managed in a practical and scientific way that provides general frameworks to protect investors 'and lenders' funds and to achieve and maintain a fair and transparent data and information system."
Governance will enable the provision of data and information on an equal footing.
The same time providing a good tool to judge the performance of corporate boards and hold them accountable.
Al-Hantal pointed out that the concept of corporate governance has many advantages and benefits that companies and even countries, whether advanced or emerging, can reduce the risks related to financial and administrative corruption and raise the levels of performance of companies and the consequent development and economic progress of the countries to which they belong.
He continued: Attracting foreign investments and encouraging local capital to invest in national projects, increasing the ability of national companies to compete internationally and opening new markets for them,
stressing that governance will increase transparency, accuracy and clarity in the financial statements issued by companies and the consequent Increased investor confidence and reliance on decision making and full disclosure of company performance, financial position and key decisions taken by senior management helps shareholders identify the risks of investing in this company.