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Mideast Must Improve Its Governance Game

Global Glimpses | November 26, 2008

Organizations in the Middle East and North Africa region need to improve their standards of corporate governance to boost the area’s financial stability, according to a declaration from local policymakers, regulators, and business leaders.

The Doha Declaration, organized by the corporate governance institute Hawkamah after a conference in the Qatari capital, recommended a raft of reforms for the region. Among them: an extension of the regulatory and supervisory powers of central banks to cover investment banking; measures to make regulators more accountable; and improved rights for creditors.

“Corporate governance is critical to the region’s ability to maintain stable financial systems and minimise the contagion effects of the global financial crisis,” says Nasser Al Saidi, executive director of Hawkamah. “We cannot afford to ignore corporate governance; too much is at stake in our stock markets...

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