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Dubai: The Hawkamah Institute for Corporate Governance (Hawkamah) and the Emirates Bankers Forum said they will start receiving applications for the 2008 UAE Bank Corporate Governance Award.
The award has been launched to encourage good corporate governance practices among banks in the UAE.
"The award offers an ideal opportunity to recognise and acknowledge those banks that have shown a commitment to improving their corporate governance in accord with best international practices. Given global banking and financial turmoil, the UAE's banking industry has shown resilience and strength," said Nasser Saidi, executive director of Hawkamah.
He said implementing stronger corporate governance practices will enhance the competitive position of the UAE's banking sector and its ability to address external pressures.
The awards will be given after an assessment by a jury of banking experts.
Award winners will be chosen based on their proficiency in the selected criteria of commitment to good corporate governance; structure of the board; control environment and processes; transparency, disclosure and treatment of minority shareholders.
The award winners will be announced at the Emirates Bankers Forum lunch in October 2008 in Dubai. The last date for submitting applications is July 31.
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