Tuesday, March 20, 2007

Forum looks into developing framework, models for corporate governance, corporate responsibility

Corporate governance and social responsibility is in need of updated regulations and faces major obstacles according to the organisers of a new forum held on Tuesday at the Dead Sea Movenpick Hotel.

The forum, intended to bring together business leaders from across the Middle East and North Africa region (MENA), was designed to launch Schema, the first privately held Corporate Governance and Responsibility advisory practice in the region.

Majied Qasem, chairman of Schema, evoked the example of the Dutch East India Company, the first multinational corporation in the world and the first company to issue stock, as an example as why the local public sector should become more involved with the corporate governance movement. The company, after 200 years of profit, became bankrupt due to poor governance.

"We want to remind people that corporate social responsibility [CSR] isn't a new concept. Theses concepts are as old as corporations themselves," said Qasem. "I am sharing this example to raise the level of awareness and urgency. These problems cannot be solved by governments alone, we need the business sector to step up."

Forum looks into developing framework, models for corporate governance, corporate responsibility

Labels: africa, development, governance

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