National Bank of Dubai

H.E. Ahmed Humaid Al Tayer emphasises on the importance of improving corporate governance standards in the region

“We should go beyond learning global best practices, we should create them”, says Al Tayer

Press Release Dubai, 28th of April 2008

H.E. Ahmed Humaid Al Tayer, Chairman of Emirates NBD, the largest banking group in the Middle East in terms of assets has emphasised on the importance of improving corporate governance standards in the region to improve their business performance. This call came during the GCC Board of Directors Institute Workshop which was recently held in Dubai and was organised by Mc Kenzie and Co, in cooperation with Emirates NBD.

The GCC Board of Directors Institute Workshop is a unique initiative which aims at increasing cooperation between Board Members of the most important companies in the region through continuous networking and exchanging expertise to adopt best global practices in managing companies. The Workshop aimed at increasing the understanding and awareness of directors in large GCC corporations of the issues and challenges faced by boards in the region such as Director Selection, Director Roles and Accountabilities, Board Structures and delivering on roles of the Boards.

During a meeting with the participants at the workshop, H.E. Ahmed Humaid Al Tayer, said:” successful companies around the world have invested in relentless improvement in their governance practices as studies have shown that there is a direct impact on their corporate results. Our region is witnessing unprecedented changes as local and regional companies are becoming more international, our board members have to become more international as well. We are also increasingly competing internationally, therefore, our board members have to understand and appreciate the global competitive dynamics of the industries they are in.”

Al Tayer also shared Emirates NBD’s experience in improving the governance of its board members first as individual corporations and recently as a merged business as the group has adopted innovative approaches to face the various challenges that the group faced. H.E. also emphasised on the importance of going beyond learning global best practices, and beginning to create them as the region has the capabilities and ambitions necessary for that.

Commenting on the Board of Directors Institute initiative, Al Tayer said:” This initiative is an ideal platform to further the development of companies through increased cooperation, sharing expertise and networking to improve the standards of companies management in the region. This institute plays a major role in supporting us as Directors to have our collective voices heard by the regulators and leaders of the region so that new legislations and programmes adequately address the needs of our companies on the ground.”

The Board of Directors Institute Workshop is held on a regular basis, each time in a different country and is attended by elite Directors and Board Members of the most important companies in the region. Emirates NBD was the host of the recently held event in Dubai.

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Reported by 'Corporate Communications'