Corporate governance, increase confidence in the economy and raise the rate of investments
07/03/2013 12:00 AM
Husseini: counted one of the major joints of the reforms developmental
Baghdad - Mostafa Hashemi said economic expert, Dr. Ahmed al-Husseini said there Determinants of Foreign Affairs and other internal corporate governance in companies. defines governance as the activity carried out by the management and relation to decisions that define expectations, grant power, or verify performance It consists either of a separate process or of a specific part of the operations of management or leadership and sometimes a group of people form a government to manage these processes and systems. said Husseini told (morning): The determinants of Foreign Affairs include the overall climate for investment regulator of economic activities in the country such as laws, regulations and procedures governing the labor market and companies. and regulation of competition and prevent monopolistic practices and bankruptcy, and the efficiency of the existence of the financial sector, which provides the necessary funds for the establishment of projects and the efficiency of regulatory bodies in terms of control over the companies. associations and companies and pointed to the existence of some institutions self-regulation, such as professional associations and companies operating in the stock market and the existence of private institutions, professions free, such as law firms and consulting firms financial investment. , and pointed out that the determinants of the Interior, including the rules and regulations and principles that determine the style and shape of the decisions within the company as well as the distribution of powers and functions between the General Assembly and the Board of Directors and executives in order to reduce the conflict between the interests of these parties. indicating that the governance ultimately lead to increased confidence in the national economy and the deepening of the labor market to mobilize savings and higher rates of investment and work to ensure the rights of the minority and small investors. together to support and encourage the growth of the private sector, especially its competitiveness and help projects to get finance their projects and achieve profits and job creation. global institutions and continued Husseini was keen global institutions, such as the Economic Cooperation and Development and the Basel Committee on Banking Supervision, International, and the International Finance Corporation, to develop specific criteria for the application of governance, and noted that the Organization for Economic Cooperation and Development identified five criteria In 1999, then issued an amendment to her in 2004 and is the existence of frames of effective corporate governance to ensure efficiencies, transparency and efficiency of markets, and that clearly defines the allocation of responsibilities among the various regulatory authorities and the executive. and preserve the rights of all the shareholders and the equality of all shareholders, in terms of voting in the General Assembly as well as their right to to see and learn everything related transactions, pointing to the creation of a legal mechanism that allows for the shareholders participation in effective control over the company and have access to the required information and is intended to bankers, employees, bondholders and customers.well as the application of disclosure and transparency in a timely manner for all of the company's business, including the situation physical performance and property, where it is disclosed in a manner fair to all shareholders in addition to defining the functions and duties of the Board of Directors and the method of their choice and their functions and their role in overseeing the management of the company. Basel standards and the Chancellor that the Basel Committee and developed in 1999 instructions and guidance on corporate governance in the banking and financial institutions was put codes of honor among institutions to achieve and the application of good behavior between these institutions. And the development of the company's strategy with the participation and contribution of individuals. In addition to the identification and distribution of responsibilities and decision-making positions among the members of the Council. As well as the creation of a system includes the functions of internal and external audit and an independent management, as well as finding formulas and mechanisms of the type and form of cooperation between the board and the auditors. And find some kind of surveillance centers risks (such as major shareholders and senior management.) And the application of justice and equality in the allocation of financial incentives and administrative, whether between managers Aoualemozvin whether incentives physical or promotions or administrative. And ensuring the flow of appropriate information. Said Husseini it in 2003 and placed Foundation IFC of the World Bank and established rules and standards aimed at financial and administrative support within the governance institutions, the most important and should be good and acceptable practices. In addition to creating new steps to ensure good governance, the new, as well as posts essential to the development and improvement of good governance locally and good leadership. Explained that the advantages of corporate governance achieved many of the objectives is to achieve transparency, justice and protect the rights of shareholders in the company and this is done through the creation of rules and regulations and controls aimed at to achieving transparency and justice as well as finding controls and administrative rules and structures grant the company's management accountable to the General Assembly and guarantee the rights of shareholders in the company, in addition to the development and flow of investments through deepening investor confidence in the capital markets. And work on the development of savings and maximize profitability and create new jobs. Besides working on good financial performance through management accounting to shareholders. And the imposition of censorship and good actors on the performance of economic units to develop and improve the competitiveness of the units of economic development. Referring to work on the fight against behavior unacceptable, whether in the physical aspect or administrative or moral and create new jobs. Attracting investments, whether foreign or local, to reduce capital flight National outside . And transparency in the accounting and auditing procedures to minimize the financial and control of corruption in the company., As well as develop, improve and help decision-makers such as managers and boards of directors to build a sophisticated strategy serve the administrative and financial efficiency of the company. And work to stimulate the labor force in the company and improve their production rates, and deepen their confidence in the company. The increase of information and experience and skills as a result of governance work. |
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