Dubai Customs said it has signed a partnership agreement with Hawkamah Institute for Corporate Governance to promote corporate governance best practices in the workplace.
The agreement reflects Dubai Customs’ commitment to furthering corporate governance, integrity and transparency to ensure high levels of organizational performance, said a statement from the government entity.
The objective is to institute a corporate governance framework within Dubai Customs through the implementation of an effective organisational structure with clear roles, competencies and responsibilities.
This requires an efficient executive management team that are aware of the importance of this framework, it stated.
It also requires sound internal control system functions such as sound planning and visibility, effective policies and procedures, external audit, internal audit, risk management, and governance and compliance, as well as providing a supportive and responsive culture and work environment through well-defined training and development policies.
Commenting on the deal, Ahmed Mahboob Musabih, Director General of Dubai Customs, said: "We are committed through a strategic plan to implementing sound internal control and corporate governance principles to make sure our stakeholders are provided with transparent and highly credible information and ensure effective decision making."
"Our partnership with Hawakamah is geared to reinforce corporate governance which is key to promote flexibility and ease of doing business and support investment in trade activity to ensure sustainable economic growth," stated Musabih.
Hawkamah Institute Chairman Dr Ahmad Al Shaikh said its partnership with Dubai Customs was a major step towards improving governance standards in the emirate.
"Dubai Customs represents security and protection to facilitate customs work, and we look forward to making this project a success for Dubai Customs and seeing corporate governance implemented across all its business units," he noted.
"We also look forward to continuing our cooperation to promote sound and sustainable governance practices not only in Dubai Customs, but also elsewhere," he added.-TradeArabia News Service