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Good Governance Economic Development

8/15/2012. 2. . Purpose of presentation:to present the Egyptian Capital Market Association ? ECMA

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Good Governance Economic Development

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    1. 8/15/2012 1 Good Governance & Economic Development Alaa Amer Member of the Board of Directors Egyptian Capital Market Association - ECMA Amman Jan. 25 – 27 , 2005

    2. 8/15/2012 2 Purpose of presentation: to present the Egyptian Capital Market Association – ECMA & its effort to promote Corporate Governance. to examine the influence of Good Governance on Economic Development.

    3. 8/15/2012 3 ECMA EFFORTS TO PROMOTE CORPORATE GOVERNANCE ECMA AS SRO CODE OF CONDUCT FOR MEMBERS SEMINARS TO CREATE AWARENESS TRAINING PROGRAMME: FINANCIAL REPORTING & DISCLOSURE. LISTING REQUIREMENTS. MINORITY SHAREHOLDERS RIGHTS. MANAGEMENT RESPONSIBILITIES, B.O.D MEMBERS & STAKEHOLDERS. AUDIT COMMITTEE RESPONSIBILITIES. INSIDER TRANSACTIONS. AUDITORS INDEPENDENCE. ACCOUNTING STANDARDS.

    4. 8/15/2012 4 Good Governance Good Governance Core Values Guiding Qualities for Society Nature of Governance Process Public Governance & Corporate Governance Corporate Governance & Democratic Culture Broad Definition of Corporate Governance

    5. 8/15/2012 5 Good Governance Structure Requires Institutional Reform Policies & programmes: Public Expenditure Management Programme. Public Administration Reform. Legal System Reform. Institutional Capacity Building. Public Accountability Policies. Increase Private Sector participation. Strengthening the participation of civil society. Banking Sector & Capital Market reform Competition policy.

    6. 8/15/2012 6 Can Corporate Governance Influence Economic Development ? Increases firm access to external finance. Lowers firm cost of capital & provides higher firm valuation. Better operational performance. Reduced risk of financial crises. Better relationships with all stakeholders.

    7. 8/15/2012 7 Can Corporate Governance Work in Isolation of Other Economic Development Factors ? Finance Banks & Securities Market Legal Foundation Competition

    8. 8/15/2012 8 Concluding Remarks Corporate Governance Has a significant role in growth & development at the level of the country, market & the firm. It can’t work in isolation. must work in concert with other factors of development. Good Public Governance is required for Good Corporate Governance.

    9. 8/15/2012 9 Concluding Remarks Corporate Governance is a dynamic process that must consider the local environment at each country level as it evolves during implementation. Establishing the Corporate Governance Core Values & the required framework will not be a troublesome task. However, The more difficult process will be changing the attitudes & behavior. Enforcement of Corporate Governance rules is important & requires more attention.

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