KU seminar discusses governance

KUWAIT: Kuwait University (KU) held a seminar titled “Financial Supervisory Authority and its Role in Governance” presented by the Head of the Financial Supervision Sector of Accompanying Bodies and Independent Institutions Bader Mishari Abdullah Al-Hammad yesterday at the Business Administrative College in Shuwaikh. During the seminar, Mishari AlHajri, Dean of the Business and Administrative Sciences Faculty, welcomed Hammad and praised his work at the Finance Ministry and his latest book “Technical Issues in Financial Control Problems”.

Hammad emphasized the significance of internal control systems as an important foundation of good governance, given that current international recommendations for improved corporate governance are in essence concentrated on the necessity for strengthening internal controls. Hammad mentioned that the finance ministry has issued a manual setting the general guidelines for internal control systems, along with guidelines on the principles of good governance. “The ministry is cooperating with the Transparency Society to reform its systems and create procedures based on the initiative of the institution,” he said.

He added that the guidelines cover the responsibilities of boards of directors with regard to setting up adequate internal control systems and entrusting an external audit bureau with assessing its adequacy. The resulting reports are received and reviewed, which makes sure they remedy any insufficiencies in their internal control systems.