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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Central Bank signs a corporate governance agreement for environmental standards with an internat

    Rocky
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    The Central Bank signs a corporate governance agreement for environmental standards with an internat Empty The Central Bank signs a corporate governance agreement for environmental standards with an internat

    Post by Rocky Mon 23 Jan 2023, 4:55 am

    The Central Bank signs a corporate governance agreement for environmental standards with an international institution

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    Economy News-Baghdad
    Today, Monday, the Central Bank signed the Corporate Governance Agreement for Environmental and Social Standards with the International Finance Corporation (IFC), while noting that strong reporting on environment, society and governance is essential to creating a sustainable financial sector.
    The official news agency quoted the Central Bank’s advisor, Ihsan Shamran al-Yasiri, as saying, “The scorecard for environmental, social and institutional governance standards (ESG) for the Iraqi banking sector began 5 years ago,” noting that “the Central Bank has set 6 important criteria related to the performance of banks and the quality of management.” .
    He explained, "Iraq has 75 banks, but the standards will determine the efficiency and ability of banks to apply the standards and their compatibility with economic, environmental and other requirements."
    He pointed to "the ability of the central bank to sort the banks, as they were divided into several categories (very excellent banks, banks in average condition, weak banks)," pointing to "the importance of pushing weak banks to reach acceptable levels."
    And he praised, "the efforts of the International Finance Corporation," pointing out that "this issue is important for the central bank and banks, as it will serve the banking sector and know its status, capabilities and risks surrounding it."
    For her part, Marie Porter Peska, General Manager of the Sustainability and Gender Solutions Department at the International Finance Corporation, said, "The report presents the banking performance record for environmental, social and governance standards, which is the first of its kind in Iraq, as it provides an important analysis of environmental, social and institutional governance risks through The banking sector of the country and helps Iraqi financial institutions to measure their performance and their commitment to those standards.
    She added, "Preparing strong reports on environment, society and governance is essential to creating a sustainable financial sector," noting that "the launch of the report demonstrates Iraq's commitment to environmental, social and governance measures."
    Dutch Ambassador Hans Sande also stressed, "It is very important for Iraq to move towards a new stage of banking development, applying transparency and activating the risk management system in line with the surrounding conditions in Iraq."
    In turn, the Director General of the Banking and Credit Control Department, Qisma Salih, said, "The performance card is a quantitative measure to know the extent of banks' compliance with the Corporate Governance Guide and contains (6) axes related to the level of adherence to best practices in the banking sector inside Iraq, which allows the possibility of classifying licensed banks." By the Central Bank of Iraq in terms of sobriety, investment opportunities and the risk management system approved by this bank. 

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