The Hawkamah Institute for Corporate Governance (Hawkamah) and the Union of Arab Banks (UAB) announced on Saturday the launch of the 2008 Hawkamah-UAB Bank Corporate Governance Award, an annual award aiming at encouraging and promoting the adoption and implementation of good corporate governance practices among banks in the region. The 2008 award follows the success of last year's Award which attracted applications from over 40 banks from countries across the region including Bahrain, Egypt, Iraq, Jordan, Saudi Arabia, Kuwait, Lebanon, Morocco, Qatar, Sudan, UAE and Yemen. Dr. Nasser Saidi, executive director of Hawkamah, said: “Banks dominate the financial systems in the region and play a key role in the credit and investment process that is vital to economic development. To remain competitive in a dynamic global industry, banks must continue to innovate and adapt their CG practices and frameworks in order to meet new demands and grasp new opportunities. The yearly Hawkamah-UAB Bank Corporate Governance Award was created to continuously encourage banks to improve their CG practices and recognize those that have shown leadership in implementing good corporate governance practices. We look forward to receiving applications for the 2008 award.” Submission of applications starts on July 1 and ends on Oct. 31. The award winner and the two runner-ups will be announced in December 2008 during a special awards ceremony. __
