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President of the Association of Iraqi Private Banks Wadih al-Hanalal: Governance has become an international demand as important as combating the financing of terrorism

The President of the Association of Iraqi Private Banks, Wadih al-Hanalal, stressed that governance has become an international requirement no less important than the requirements of money laundering and combating the financing of terrorism.

“Governance has become an international requirement no less important than money laundering and counterterrorism requirements because it will add valuable and important things to private sector companies,” Al-Hantal said at the first session of the Iraqi Institute of Directors conference held in Baghdad.

” Governance is a good tool to enable the community to ensure that companies are well managed in a practical and scientific manner that provides general frameworks to protect investors ‘and lenders’ funds and to achieve and maintain a fair and transparent data and information system,” he said. “Governance will enable equal access to data and information While at the same time providing a good tool for judging the performance and accountability of corporate boards.“

“The concept of corporate governance has many advantages and benefits that can be provided to companies and even countries, whether they are advanced or emerging, including reducing the risks related to financial and administrative corruption and raising the levels of performance of companies and the consequent development and economic progress of the countries to which they belong. Those companies “

” Attracting foreign investment and encouraging local capital to invest in national projects , increasing the ability of national companies to compete internationally and opening up new markets for them,” he said, adding that “governance will increase transparency, accuracy and clarity in the financial statements issued by companies and the consequences of The increase in investor confidence and adoption in decision-making and full disclosure of the company’s performance, financial position and key decisions taken by senior management helps shareholders identify the risks of investing in this company.“ Source