Posted On 2/5/2017
“The Evolving Corporate Governance Landscape”
ADCCG organizes a seminar on “The Evolving Corporate Governance Landscape” and attracts a large number of attendance from public and private entities
The Abu Dhabi Center for Corporate Governance has concluded its 2016 program by organizing a specialized seminar on “The Evolving Corporate Governance Landscape” at the Chamber’s Tower in Abu Dhabi.
Considering the importance of the subject if the seminar, it witnessed huge attendance from public and private entities operating in Abu Dhabi and the UAE.
Mr Fadi Sidani, Partner in Charge for the Risk Advisory Department at Deloitte Middle East, delivered a presentation during the seminar in which he pointed to the responsibilities of the Board of Directors, emphasizing that the Board needs to have confidence that it makes informed decisions and fulfills its fiduciary duties to stakeholders. He noted that key responsibilities of the Board include overseeing the strategy of the company and monitoring its execution, driving executive succession and development, overseeing the development and delivery of products and services, assessing performance and financial viability, working with the management to set risk appetite and monitoring key enterprise-wide risks, setting tone at the top and monitoring ethics and compliance programs, Monitoring and assuring appropriate response to stakeholder issues, ensuring transparent disclosure with regards to governance structure and policies, establishing committees composed of the Board of Directors Members, Defining an appropriate structure to contribute to the effective oversight of businesses and subsidiaries, ensuring that fraud and corruption prevention measures are undertaken, and ensuring the development of disaster recovery plans.
In regard to Cyber Security, Al-Sidani talked about weaknesses and consequences faced by companies, noting that as private companies become more reliant on technology to drive growth, they may also be opening the door to increased cyber threats. Cyber threats are more prolific that ever, with criminal pursuing a myriad of alternative paths to steal sensitive data or cause reputational harm.
The lecturer summed up the consequences which are loss of confidential data, disruption of operations, ad reputational damage, adding that Boards can play an important role in building threat intelligence and helping their organization determine how to best respond to new Cyber threat landscape.
Mr Fadi Mutlak, Partner and Cyber Leader Risk Advisory at Deloitte Middle East.