The Abu Dhabi Center for Corporate Governance an independent entity owned by Abu Dhabi Chamber of Commerce & Industry (ADCCI) has recently signed a memorandum of understanding with Schema, a specialized corporate governance and responsibility firm in the Middle East and North Africa region. The Memorandum of Understanding calls for cooperation between the parties to hold the Second Corporate Governance and Responsibility Forum for the Middle East and North Africa in Abu-Dhabi in the year 2009.
The hosting of the Corporate Governance and Responsibility Forum for the Middle East and North Africa in 2009 by Abu Dhabi Chamber of Commerce & Industry and the Abu Dhabi Center for Corporate Governance highlights the local market's needs and readiness of its business environment and gives prominence to the importance of the concepts of corporate governance and corporate social responsibility.
Signing the Memorandum of Understanding by the ADCCI stems from its vision to pursue its duties and responsibilities as a body that supports and develops private sector initiatives within its framework of providing the best services to its member companies and institutions. Further, Abu Dhabi Chamber of Commerce & Industry aims to raise awareness by making available and providing updated information on business developments and best practices. By participating in local and international activities, the Chamber of Commerce also enables member companies to stay upto date regarding commercial and economical developments.
H.E. Mr. Mohamed Rashed Al-Hameli, Director General of Abu-Dhabi Chamber of Commerce & Industry, commented on this Memorandum of Understanding saying:” This cooperation between us and Schema is a result of the Chamber's desire to raise awareness and transfer knowledge on implemented best practices in corporate governance and corporate social responsibility. Hosting a Forum of this size and regional scope stems from our belief in the importance of the topic and its integral role in pushing the wheel of national economy forward for further growth and sustainability and asserting Abu Dhabi as a successful model for advancement.”
H.E. Mr. Al-Hameli stressed the importance of this partnership as it will facilitate, and encourage the private and public sector companies and institutions to participate and cooperate in implementing corporate governance principles on a large-scale not only in the UAE, but also in the Middle East and North Africa region.
It is worth noting that the Corporate Governance and Responsibility Forum in the Middle East and North Africa first convened in 2007 at the Dead Sea in Jordan for three days during which prominent regional figures, including managers, businessmen, and board chairmen discussed the most important corporate governance and corporate social responsibility principles and practices in the world through various workshops, and produced recommendations and results on how to advance and implement corporate governance and corporate social responsibility practices in our region in the most transparent and efficient manner.
Commenting on the Memorandum of Understanding, Ms Maali Qasem, the chairwoman of the Corporate Governance and Responsibility Forum, said:" This partnership shows the importance of adopting the concept and idea of corporate governance and corporate social responsibility and paves the way for successful public private sector initiatives in favor of achieving progress in the implementation of such critical and necessary practices in the region. We are proud of this partnership and cooperation that would help us further the implementation of corporate governance and corporate social responsibility best practices in our region.”
CEO of the Abu Dhabi Center for Corporate Governance, Mr. Khalid Deeb, added:"This Forum is in line with the Center’s mission to work with corporate governance and responsibility experts and to join forces with both public and private sectors to create a solid knowledge base that will augment and strengthen institutions that will in turn reflect positively on strengthening the national and regional economy.”
