JIoD Newsletter, No. 4, 2016

Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
Background
JIoD was established and formally
started operations in November 2012.
VISION: To witness Jordan and the Middle
East region improve its corporate governance
practices.
Office:
7th Circle – Ibn Muda’ St.
Al Silawi Building, floor # 4.
Tel: + 962 6 5866448
Fax: + 962 6 5856448
MISSION: To raise awareness and improve
corporate governance practices of corporate
entities in Jordan and the Middle East.
For more information about JIoD, please click
here for our introductory presentation.
Update on Programs:
Board of Directors Certification Program
In early February 2016, JIoD completed its
seventh English Board of Directors Certification
Program. The eighth program started in early
March 2016, and will be completed by July 2016.
To date, in 2016, we have had 21 participants
representing several organizations such as: Toyota
Jordan, Amin Kawar & Sons Shipping, Societe
Generale Bank Jordan SGBJ, Al Sayegh Group,
Commercial Bank, LOYAC-Jordan, National
Kuwait Bank, Maani Ventures, Eco4pay,
Hammoudeh Brothers for Trade and Investment,
Al Abdali Investment and Development PSC,
NatHealth and other individual participants.
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
Testimonials:
“JIoD has definitely raised the bar with the “Board of Directors Certification Program”. It is a
well-organized, comprehensive course that is delivered by highly qualified well experienced
trainers providing in depth knowledge of Corporate Governance. One leaves the course with
a real understanding of the key roles and duties of a well-structured highly effective board that
provides value to its’ stakeholders.
I would seriously recommend this course to board members and executive directors”.
Nadia Shahin - General Manager
Amin Kawar And Sons Co. w.l.l
When I signed up for the Board of Directors Certification Program I had never taken any kind
of board training. My experience as a board member had been limited to Not-for-Profit
organizations of which I was a founding member; so I could honestly say that my experience
was quite limited. A lot of the material covered during the course was material that I had never
been exposed to. When I enrolled in the course I did not have the intention to certify myself.
However, the structure, the instructors and the discussions that took place helped me learn so
much that I took the next step and got my certification. I now feel that I have the competence
and confidence to be a truly effective board member.
Rula Jardaneh – Founder and Chairwoman
LOYAC, Lothan Youth Achievement Center
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
Corporate Secretary Workshop
JIoD in cooperation with the International Finance Corporation (IFC) – member of the World
Bank Group completed its third Corporate Secretary training program. This program was
targeting corporate secretaries from different sectors. It was a two-day program that was
concluded in February, 2016. We had seven participants from different companies such as:
Health Care Accreditation Council, Al Sayegh Group, Commercial Bank, OFTEC and Middle
East Payment Services (MEP).
Testimonials:
“JIoD has shown, during the training program I have attended with them, excellent
organization and professionalism. The program was fruitful and the trainers were very
understanding and cooperative.
I would definitely recommend JIoD for any future training.”
Fares El Hakim - O&B CSC Manager
OFFTEC Systems, Ltd.
“Corporate Governance can make or break a company. Good corporate governance enables
business success. Therefore, anyone that owns a company should attend at least one of the
corporate governance courses to get the basic understanding of why it is so important.
The “Role of Corporate Secretary Training Program” is a must have for any corporate secretary
looking to sharpen his/her skills and knowledge. From my experience in attending this course,
I seriously doubt that anyone will be able to find a better one out there; it helped to fill in
some of the gaps in my knowledge. Perfect topics were thoroughly discussed and reinforced
through course materials and practical examples. Presenters were extremely knowledgeable,
patient and friendly. The small class sizes also contributed to an enjoyable and engaging
learning experience. I will be extremely happy to take an advanced course. Look forward to
start applying all what I learned from this course at work.
Thank you Ms. Oraib, Ms. Maali and Dr. Yehia for such a wonderful course; which was above
my expectations!”
Widad Masri - SG- Liaison officer
Al Sayegh Group
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
Other Activities:
Corporate Governance Workshop for Company Control Department (CCD)
JIoD in cooperation with the IFC and in collaboration with CCD conducted a two-day
workshop for CCD staff on corporate governance. 21 participants from CCD employees
attended this workshop.
Women on Boards’ Conference
JIoD in partnership with IFC successfully conducted a conference on “Women on Boards; The
Impact of Gender Diversity in Boardrooms on Companies’ Financial Performance”, which
took place on December 14, 2015. More than 110 business professionals from both genders
representing a variety of companies and sectors in Jordan attended this event.
The conference featured seven sessions: opening keynote session by JIoD and IFC presenting
the key findings from the “Gender Research Study”; a panel on "Gender Diversity and its
Impact Towards Building Effective Boards”; a panel on "The Impact of Gender Diversity on
Companies Performance and Operations"; and, a keynote speech by Amman Stock Exchange
regarding the national commitment towards gender diversity. The conference was concluded
with a brief graduation ceremony graduating 13 participants completing JIoD courses.
JIoD board members were also recognized for their continued efforts and support to the
growth of JIoD.
[email protected]
Tel: 06 5866448
Fax: 06 5856448
newsletter
Jordan
Institute
Forth Issue, June 2016
of Directors
The first discussion panel was led by Dr. Ahmad Attiga, Country Manager & Head of Mission,
IFC-World Bank Group. The panel discussed “Gender Diversity and its Impact Towards
Building Effective Boards”. Dr. Attiga facilitated a rich discussion with distinguished
participants: Dr. Omar Al Razzaz (Chairman of Jordan Ahli Bank), H.E. Majd Shweikeh
(Minister of Information and Communication Technology) and Mrs. Mary Nazzal-Batayneh
(Barrister, Deputy Chairperson Landmark Hotels).
The second discussion panel was led by Mr. Laith Al Qasem, Chairman of JIoD. He facilitated
a high-level discussion on ‘The Impact of Gender Diversity on Companies Performance and
Operations” with another three exceptional speakers: H.E. Hala Bsaisu (former Minister of
Social Development and Managing Director of AYA Consultancy for Development), Mrs.
Nadia Shahin (General Manager, Amin Kawar And Sons Co.) and Mr. Emile Cubeisy
(Managing Partner, Silicon Badia).
The study covered
Among these 1,200 Companies
1,200
18%
4%
0.3%
0.2%
930
companies Jordanian
Private
Shareholding
companies
237
Jordanian
Publicly
listed
companies
of them have one
woman on boards
of them have three
woman on boards
of them have two
woman on boards
of them have four
woman on their boards
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
In publicly listed companies, study showed that:
78% of them has no representation for women on their boards.
66 female board members out of 1,866 board members sitting on the boards of the public
listed companies
The study showed a positive correlation between gender diversity in boardrooms and the
financial performance of companies. Public listed companies with women on boards had, on
average,
A return on assets 3 times higher than companies
without female representation in boardrooms.
Return on equity was 2 times higher in
companies with female representation on the
board than companies without female representation.
For more information please click here
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
Ringing Bell for Gender Equality Stock Exchange Initiative
In celebration of International Women’s Day, IFC in collaboration with Amman Stock
Exchange (ASE) and JIoD implemented the initiative of Ringing the Bell for Gender Equality
Stock Exchange Initiative in Jordan at ASE premises on March 9, 2016.
Ringing the Bell for Gender Equality Stock Exchange Initiative is an initiative supported by the
United Nations Global Compact, UN Women, the World Federation of Exchanges, and
Women in ETFs at the global level. The events as a result of this initiative aim to showcase the
business case for gender equality and highlight how private sector leaders are already taking
concrete steps to invest in women in the workplace, marketplace and community.
There was a global series of bell ringing events to celebrate International Women's Day
(March 8, 2016) and raise awareness about the importance of women's economic
empowerment to business and sustainable development.
The event had key opening speeches by H.E. Mr. Nader Azar (Chief Executive Officer, Amman
Stock Exchange), Dr. Yehia El Husseiny, (Corporate Governance Officer, IFC – World Bank
Group) and Mr. Giuseppe Belsito, (Representative, UN Women Country Office for Jordan).
Ms. Reem Badran, (Chairperson of Alhurra Company for Management & Business
Development) gave a speech about “Women's Economic Empowerment to Business &
Sustainable Development” and it was followed by Ms. Taghrid Nafeisi, (President and CEO Al-Multaqaa Brokerage and Investment Company) where she talked about the “Role of the
Private Sector in Gender Equality”. This session was wrapped up with a speech by Dr. Fadi
Khalaf, the Secretary General for the Arab Federation of Exchanges.
At 10:30am the time of starting the trading session, the key note speakers and guest speakers
rang the bell to announce beginning of the trading session.
Last session focused on IFC Research Study Results: The Impact of Gender Diversity on the
Economic Performance of Companies in Jordan, which was presented by Dr. Yehia El
Husseiny from IFC and Ms. Oraib Qubbaj, from JIoD. The main results of the research and the
recommendations to increase women participation in decision making positions were
highlighted by the speakers. Such recommendations were then opened for discussion with the
participants.
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
JIoD Alumni Event:
JIoD launched the JIoD Alumni initiative with a quiz night held at the Sheraton Hotel on April
11, 2016. Graduates of JIoD programs attended this event to network with like minded people
and continue learning through different formats – in this case, a quiz night focused on
corporate governance general knowledge. Participants were divided into five teams and there
were three rounds packed with fun-filled facts about corporate governance. The rounds
consisted of multiple choice questions and some role playing to engage the participants in
raising awareness towards best practices.
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Forth Issue, June 2016
Recent events:
JIoD team participated in two specialized train the trainers (ToT) programs, which was
conducted by IFC in Egypt in May 2016. These ToT programs focused on releasing new
advanced training materials by IFC and trained group of professional trainers an few new topics:
• Corporate Secretary program; which consists of 20 different topics that exhibit gradually
from the basic knowledge of the corporate secretary’s roles and responsibilities till advanced
level of this profession’s missions and roles.
• Internal Control Environment program; This program focused on the following four topics:
Internal Controls
Internal Audit
Risk Management and;
Compliance
JIoD in cooperation with IFC also conducted a ToT for academics from Palestinian
Universities on May 9 – 11, 2016 in Amman. This ToT program is the second of its series
under the umbrella of Corporate Governance programs for Universities.
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Fifth Issue,
Forth
Issue,June
June2016
2016
Upcoming programs:
As always; JIoD undertakes to carry out our regular training programs and new ones on a
regular and continuous basis starting from July 2016. New inclusive calendar will be
released soon.
For more information about the dates of the upcoming workshops, please For more
information about the dates of the upcoming workshops, please click here
New Programs:
Advanced Corporate Secretary Program:
JIoD in cooperation with IFC is launching an advanced “Corporate Secretary Program”
that will be a four days training course.
Banking Governance Training:
JIoD entered into a specialized training agreement with IFC to deliver a specialized
corporate governance program for the banking sector. This program should be launched
by third fourth quarters of 2016.
Internal Controls and Procedures Training:
JIoD in collaboration with IFC is planning to launch a new specialized training program
on Internal Controls and procedures.
[email protected]
Tel: 06 5866448
Fax: 06 5856448
Jordan
Institute
of Directors
newsletter
Fifth Issue,
Forth
Issue,June
June2016
2016
Research:
JIoD in collaboration with IFC is working with Jordan Securities Commission (JSC) to review
the scorecards submitted by publicly listed companies with regards to their corporate
governance performance. The outcome of such research is a report that assesses the degree
of corporate governance compliance amongst publicly listed companies.
Ongoing activities:
Database
We have now compiled a database of certified directors of over 120 independent directors.
This database is now used to identify potential independent directors for companies that are
seeking new directors. The database enables JIoD to identify suitable candidates based on
particular areas of expertise such as finances, human resources, marketing etc., desired
sector knowledge and other skill sets as maybe identified as key. Furthermore, this database
will enable us to facilitate increased gender diversity in board rooms where applicable.
If you are looking to appoint new or more independent directors, please click here
JIoD on Social Media:
Please feel free to engage with us on Twitter and LinkedIn or just follow JIoD to stay up to
date.
@JordanIoD
Jordan Institute of Directors
[email protected]
Tel: 06 5866448
Fax: 06 5856448