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Dubai: There is a growing awareness among regional institutions of the importance of improving corporate governance standards, according to a report released on Monday by the Dubai government's Hawkamah Institute for Corporate Governance and the World Bank's private investment arm International Finance Corporation (IFC).
As many as 76 per cent of banks and 67 per cent of listed companies in the Middle East and North Africa (Mena) cited corporate governance as being either important or very important for their businesses. The survey covered 1,044 banks and listed companies from 11 countries.
However, the report highlighted that many did not have the required understanding to implement the necessary changes.
"The report provides an invaluable tool for evaluating and assessing current attitudes towards corporate governance among regional institutions," said Nasser Saidi, executive director of Hawkamah.
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