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Qatar Financial Centre Regulatory Authority
GCC Regulators Conference:Why Is Good Corporate Governance Important?
23 February 2010
Michael Lesser, Managing Director, Supervision and Authorisation Division
Qatar Financial Centre Regulatory Authority 1
‘Corporate governance is the system by which companies are directed and controlled.’
Sir Arthur Cadbury, 1992
‘The system by which companies are directed and managed. It influences how the objectives of the
company are set and achieved, how risk is monitored and assessed, and how performance is optimised’.
ASX Corporate Governance Council, 2003
“Corporate governance involves a set of relationships between a company’s management, its board, its
shareholders and other stakeholders.’ OECD, 2004
Qatar Financial Centre Regulatory Authority 1
Good Corporate Governance
•What the regulator is looking for •Why we think it is important•Why the firm should be doing it
Qatar Financial Centre Regulatory Authority 1
• Good directors• Committee structures• Qualified independent outside directors• Active participation is also a key point • Document the process
What the Regulator is looking for to demonstrate Good Corporate Governance
Qatar Financial Centre Regulatory Authority
Why we think it is important
5
If a firm gets its corporate governance right; everything else
flows from that.
Qatar Financial Centre Regulatory Authority 1
What’s in it for -
the Regulator?• Confidence• Transparency• Fairness
the Firm? • Enhance Investor Confidence• Promote Competitiveness• Improve Image
Qatar Financial Centre Regulatory Authority
QUESTIONS?
Michael Lesser495-6750