Press Releases

The Central Bank of Kuwait, in cooperation with the Union of Kuwaiti Banks, is organizing a seminar on good corporate governance in the banking and financial institutions in the State of Kuwait, during the period 15-16 November 2005.

This seminar, which is addressed to Board Members of banking and financial institutions, comes within CBK's continual endeavor to highlight the importance of good corporate governance in banks and other financial institutions.

CBK Governor, Sheikh Salem Abdulaziz Al-Sabah, will open this seminar, in which will participate a select group of experts and specialists in corporate governance, representing international official institutions, such as the Institute of International Finance (IIF) in the USA, the World bank, the Institute of Advanced Legal Studies in the UK, and the London School of Economics and Political Sciences, in addition to international consulting institutions in financial services and strategic management. The sessions of the seminar will be chaired by chairmen and members of Boards of Directors of banks, the Union of Kuwaiti Banks and investment companies in the State of Kuwait.

During its two days, and through its ten sessions, the seminar will address the main issues related to good corporate governance and practice in banking and financial institutions, with particular emphasis on defining good corporate governance, its importance and main elements.

Specifically, the sessions in the first day will address several topics concerning the importance of good governance in the safeguard of the rights of parties connected to these institutions and the latest global trends in this regard, the lessons learnt from crises caused by governance failure in some worldwide corporations, the role of regulatory and supervisory bodies in promoting good corporate governance in banks and the effect thereof on the stability of the banking industry, and the definition of the responsibilities of the Board of Directors and executive management and Board membership standards, including the required experience and skills for ensuring an efficient governance structure, in addition to the importance of good corporate governance in assessing the management of legal and operational risks and the effect thereof on the bank's reputation.

The sessions in the second day will address other good corporate governance issues, including disclosure, transparency, market discipline and the investors and public's assessment of corporate performance, the importance of internal and external audits as well as audit committees, the management and monitoring of risks related to the outsourcing by banks of some of their activities, in addition to enhancing the competitiveness of banks in light of globalization trends and the application of international benchmarks of best governance practices.

Through this seminar, CBK looks forward to contributing to the achievement of broader knowledge and enhanced awareness regarding the significance of good governance for companies in general and the banking and financial institutions in particular.