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3 rd Annual GCC Regulators Summit Culture Change Management

3 rd Annual GCC Regulators Summit Culture Change Management . Kit Stevenson Head of Human Resources 2 March 2009. 1 What is Corporate Culture. Corporate culture is : the way we do things around here the grease between the gears that makes the gears work in unison with one another

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3 rd Annual GCC Regulators Summit Culture Change Management

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  1. 3rd Annual GCC Regulators Summit Culture Change Management Kit Stevenson Head of Human Resources 2 March 2009

  2. 1 What is Corporate Culture • Corporate culture is: • the way we do things around here • the grease between the gears that makes the gears work in unison with one another - if you don't have culture, the gears come grinding to a halt. -MERCER Qatar Financial Centre Regulatory Authority

  3. 2 Context for Culture Change • Current Environment • Relationship of financial crisis to a culture of short-term profit / risk taking • Nationalisation of firms and popular calls for changing the way business is done • Re-evaluation of regulatory approaches (rules based / principles based) Basel II? • Multicultural GCC environment (QFCRA 23 nationalities) • Tough times - deliver value (increased performance) through culture • Manage risk Qatar Financial Centre Regulatory Authority

  4. 3 Current Trends / Guidelines • Trends / Guidelines • Culture of compliance and effective risk management is critical • The culture of short term annual bonuses in financial services is over. Incentive pay is being structured toward longer-term arrangements (deferred compensation) ie over a period of 3 years, where longer term risks and company performance can be assessed, and claw back measures implemented. (Reuters) • Institute of International Finance (IIF) The Principles of Conduct for Compensation: Lists 7 principles to follow in remuneration • Performance based incentives with long-term focus • Incentives should not induce excessive risk taking • Payout should relate to timeline of risks undertaken • Incentives should be at risk and be linked to firm performance Qatar Financial Centre Regulatory Authority

  5. 4 Culture Change Process Qatar Financial Centre Regulatory Authority

  6. THANK YOU Kit Stevenson Chartered FCIPD Head of Human Resources Qatar Financial Centre Regulatory Authority k.stevenson@qfcra.com www.qfcra.com

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