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Integrating key elements of sound corporate governance in MENA's boardrooms

In the Middle East region, companies can no longer afford to neglect the liability risks of their board of directors especially with the advancement of global standards in corporate governance. The challenges and risks are no less real and the current financial crisis highlights the hurdles of operating in a global business environment.

Director's increased pressure in exercising their duties has further stamped the importance for the board to gain deeper insights on their duties and liabilities. 

This urgency was underscored again in 2012 when the role of directors has gained increasing emphasis in the GCC as their duties have extended over the years. If poorly implemented or fulfilled, it will attract serious penalties for both the directors and the company in the event of a breach. Therefore, it is vital for boards to be aware of their responsibilities and duties and to ensure they keep up to date with any changes in the rules and regulations of the authority, as well as playing an active role in the company.

Taking this into consideration, marcus evans will run the Board of Directors 2012 forum in Dubai, UAE on September 24- 25, 2012 for the second time around. Commenting on BoD 2012, Dr. Abdullah Al Abdulgader, Founding Executive Director of GCC Board of Directors Institute, UAE said "Good corporate governance should be a tool for a sustainable and stronger nation. Corporate governance is about much more than the accuracy of the balance sheet; it is an integral part of the basic operation of the corporation. The conference will provide the platform to facilitate the flow of information and discussions on how board members are well equipped and prepared to deliver on their core roles to become agents of good governance, and ensure that corporate governance is a core element of their company's business strategy." 

"While last global financial crises made "globalization" almost a bad word, it only underscored how inevitably interlinked our business environment, even for businesses who thought that they have nothing to do with global markets. Both the Middle East and former Sovient Union regions face today more similar then different challenges - politically, socially, economically and corporate business alike. And now Corporate Boards are expected by shareholders to take more proactive role and share more responsibility in steering businesses in the current storms of global changes and opportunities." added Vitaliy Podolskiy, Independent Director, Audit and HR Committees of the Board of Directors of OAO Rosinter Restaurants, Russia and Eastern Europe.

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