Executives from the world’s leading development financial institutions flew into town to witness the signing by the Beirut based private equity firm, the EuroMena Funds, of the first national corporate governance declaration.
Lebanese bankers, real estate developers, public officials and many financial executives also were there on Wednesday evening at Phoenicia Hotel to be part of the event held under the patronage of Riad Salameh, Governor of the Banque du Liban, Lebanon’s Central Bank.
The declaration, entitled Investors for Governance and Integrity (IGI), was developed by Lebanon’s Capital Concept in April of this year in order to bring together investors and corporates that recognize the importance of best in class corporate governance standards to mitigate financial risk and defend shareholder rights. Capital Concept is majority owned by Yasser Akkaoui, Executive’s editor-in-chief.
The EuroMena Funds, which has invested over $150 million in 15 companies in the region, is the first signatory of this declaration and therefore are committing to implement best in class governance structures in the companies they invest in throughout the region. “Transparency and accountability is at the core of our investment approach. By signing this declaration, we hope to promote a financial environment where investors’ rights are protected” said Romen Mathieu, Managing Director of the EuroMena Fund.
Correction: This post originally appeared under the title “First Lebanese bank backs corporate governance”. The EuroMena funds are private equity funds, not banks.
Editor’s note: A previous version of this post failed to note the corporate connection between Executive Magazine and Capital Concept. We regret the omission.