Qatar Financial Centre Regulatory Authority GCC Regulators Conference: Why Is Good Corporate Governance Important? 23 February 2010 Michael Lesser, Managing.

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Presentation transcript:

Qatar Financial Centre Regulatory Authority GCC Regulators Conference: Why Is Good Corporate Governance Important? 23 February 2010 Michael Lesser, Managing Director, Supervision and Authorisation Division

Qatar Financial Centre Regulatory Authority 1 ‘Corporate governance is the system by which companies are directed and controlled.’ Sir Arthur Cadbury, 1992 ‘The system by which companies are directed and managed. It influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimised’. ASX Corporate Governance Council, 2003 “Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders.’ OECD, 2004

Qatar Financial Centre Regulatory Authority 1 Good Corporate Governance What the regulator is looking for Why we think it is important Why the firm should be doing it

Qatar Financial Centre Regulatory Authority 1 Good directors Committee structures Qualified independent outside directors Active participation is also a key point Document the process What the Regulator is looking for to demonstrate Good Corporate Governance

Qatar Financial Centre Regulatory Authority Why we think it is important 5 If a firm gets its corporate governance right; everything else flows from that.

Qatar Financial Centre Regulatory Authority 1 What’s in it for - the Regulator? Confidence Transparency Fairness the Firm? Enhance Investor Confidence Promote Competitiveness Improve Image

Qatar Financial Centre Regulatory Authority QUESTIONS? Michael Lesser