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Governance through sustainable development
08/1/2018 12:00 am [rtl] Iman al - Alusi governance is a system that is done through corporate management and control of its business, has been defined by the International Finance Corporation "IFC" as good governance aimed at achieving transparency, justice and the fight against corruption and the granting of the right of accountability of the company 's management to protect shareholders and ensure that its work in achieving future strategic goals. The objectives of governance are transparency, accountability, responsibility, equality and principles. Guaranteeing shareholders' equity and equal treatment. The responsibility of the board of directors to ensure that there is a basis for an effective framework for governance, and the role of stakeholders. Disclosure and transparency. The most important things to be disclosed are financial results, results of operations of the company, Board of Directors and Executive Management, information on Board members, their qualifications, how they are selected, the expected risk factors and all the topics of employees and stakeholders. The role of governance has been strengthened and the scope and scope of its application has been expanded after the financial meltdowns in East Asia and Latin America in 1997 and the financial crises of giant corporations in 2001 such as Enron and World.com due to incorrect accounting information contained in corporate financial statements and endorsed by external auditors and collusion of boards Manage those companies with them. The modern companies distinguish between the ownership of the company and its management and the total influence enjoyed by the major shareholders at the expense of the minority of them, and led to the need to adopt a binding regulatory system to assess the performance of management according to those standards. Governance encourages institutions to optimize the use of their resources to achieve sustainable growth and to encourage productivity and attract foreign investment. Investors prefer companies that apply corporate governance to their credibility and transparency. The Central Bank of Iraq has adopted the implementation of governance as a policy, methodology and work plan approved for all banks through issuing the corporate governance guide and obliging all banks to work in what is stated therein in order to sustain economic growth and promote social development, increase confidence in the local economy and stability of the financial market and raise investment rates to create sector General capable and influential to serve the community and protect the private sector and take into account its interests.[/rtl] [You must be registered and logged in to see this link.] |
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