The award, presented on behalf of the Hawkamah Institute for Corporate Governance, aims to recognize, support and encourage superior governance practices in the Banking sector in the Middle East and North Africa (MENA) region.
The award was open to all Arab Banks in the Middle East, North Africa and South Asia and showcases banks that excel in corporate governance practices, and have moved beyond the legal and regulatory requirements imposed by their respective jurisdictions.
The award process consisted of an initial questionnaire application process which assessed corporate governance practices against five focus areas; commitment to good corporate governance, structure and functioning of the board of directors, control environment and processes, disclosure and transparency and shareholders rights.
The judging panel, which consisted of independent international corporate governance experts, then conducted an initial review of all questionnaire applications creating a short-list of the top ten regional banks. Senior management from the ten shortlisted banks were invitedto attend one-to-one interviews with the judging panel and from these interviews the winnerwas selected.
Simon Copleston, General Counsel & Board Secretary at ADCB, commented, “Receiving the Hawkamah Bank Corporate Governance Award 2012 is an honor for ADCB and we are delighted to have been again as a regional leader in governance . Whilst we are proud to establish, as well as challenge, the benchmark for standards in our industry, we are also committed to working with our clients, peers and partners to improve governance standards generally across the region. Whilst good governance processes are important, it is not possible to achieve high levels of governance without leadership and commitment from the Chairman, the Chief Executive, the Board, and the senior management, all of whom made this award possible.”
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