The Abu Dhabi Chamber of Commerce and Industry announced the launch of the corporate governance center and the start of providing services to companies and institutions in the Emirate of Abu Dhabi and in the State as a whole .
The center has been set up by an initiative by Abu Dhabi Chamber of Commerce and Industry of to make an effective contribution to the development of the local economy, through the encouragement and support of the public and private sectors to adopt international best practices in applying the rules of governance.
The Center seeks to achieve these goals through the dissemination of awareness and promotion of local talent and to provide companies and government institutions with advisory services needed.
The Center was inaugurated by His Excellency Engineer Salah Salem bin Omeir Al Shamsi, Chairman of the federation of Chambers of Commerce and Industry president of Abu Dhabi Chamber of Commerce and Industry, in the presence of president and members of board of the Abu Dhabi Department of corporate governance.
HE Khalfan Saeed Al Kaabi, board chairman of the Abu Dhabi Center for corporate governance said that the Center aims to assist public and private sectors to assess the application of regulations and rules of corporate governance in their institutions and the provision of specialized consulting services and systems of governance and the provision of internal audit, risk assessment and dissemination of research and studies on the governance and the provision of vocational training specialized in the area of corporate governance and related areas, the organization of conferences and seminars aimed at collective debate to discuss various topics relating to corporate governance in the region and raise awareness among the public and the development of local talent in the area of corporate governance in order to improve the working environment in the Emirate of Abu Dhabi in particular and the United Arab Emirates in general .
The formation of the Abu Dhabi Department of corporate governance is as follows:- HE Khalfan Saeed Juma Al Kaabi - Chairman of the Board of Directors.
- HE Otaiba Saeed Al Otaiba - Vice Chairman of the Board of Directors.
- HE Fatima Obeid Khalifa Al Jaber - board member
- Mohammed Rash of Directors.
- HE Rashid Abdul Karim Al Blushi – Board Member
- HE Mariam Mohammad Butti Al Suwaidi - Board Member
- HE Salem Al-Saeedi – Board member .
The Abu Dhabi Center for corporate governance of Abu Dhabi Chamber of Commerce and Industry,in its field , prepares analytical studies of systems of governance in the private companies and institutions working in the UAE in order to reach an accurate assessment on the extent of the application of the rules of corporate governance set by the Securities and Commodities Authority with regard to public shareholding companies, and the application of private companies and governmental organizations for the governance rules proposed by the Organization for Economic Cooperation and Development (OECD) for companies that voluntarily choose to apply these rules.
The Center also provides internal audit and risk assessment management. Internal Audit plays an important role in the Center and is vital in assisting the departments of companies in achieving the goals set under the control of integrated systems and application of the lowest risks. Based on the audit to cover the five objectives of the audit or any part thereof depending on the nature of the operations or the place of the type of scrutiny and these include the accuracy and credibility of the information , compliance with policies, procedures, plans and laws, preservation of the assets, economic and effective use of resources and achieve the goals and plans, while the Center is working on the development of rules and governance frameworks and provide specialist advice.
The Center has established a department for Studies and Research to study the reality of governance and its future prospects. The department aims to obtain sufficient information to help us raise awareness in the public and private sectors to help decision makers to develop appropriate policies for the advancement of standards and the level of governance.
The nature of publications prepared by the Center is divided into two sections :A Newsletter of the Center, and studies and applied research. In order to consolidate the position in the emirate and the region, and the deployment of more awareness among the stakeholders, the Center will be holding seminars and specialized training courses in the area of governance so as to discuss the latest developments in the affairs of governance, and these sessions will have several objectives including: the definition of the status of individuals and institutions, the deployment of a greater awareness of the opportunity to cooperate with regional and international institutions ,and recognition of the latest developments in governance issues.
