Kuwait Banking Association: Corporate Governance is the Foundation of Institutional Sustainability and its Ability to Face a Rapidly Changing World
The Kuwait Banking Association emphasized the importance of establishing corporate governance and risk management principles as the cornerstone for ensuring institutional sustainability and enhancing its readiness to face the rapid transformations in the global economic environment.
This emphasis came during the opening address delivered by Dr. Yaqoub Al-Sayed Yousef Al-Rifai, Secretary General of the Kuwait Banking Association, at the opening of the Corporate Governance Conference, “Sustainable Institutions in a Changing World,” which was held under the sponsorship of the Kuwait Banking Association with broad participation from experts and executive leaders.
During his address, Al-Rifai explained that the world is going through a phase characterized by speed and complexity, which necessitates the adoption of more effective and flexible governance practices to ensure transparency and accountability and enhance adaptability and continuity. He stressed that governance is no longer merely a regulatory obligation, but has become a strategic approach that enables institutions to manage risks confidently, improve performance efficiency, and achieve long-term sustainability.
Al-Rifai pointed out that the Kuwaiti banking sector serves as a model in this field, having achieved advanced levels of stability and resilience, even amidst global economic crises and fluctuations, thanks to its commitment to governance standards and risk management systems, and with the support of the prudent oversight and precautionary policies of the Central Bank of Kuwait. He emphasized that this excellence is the result of a long-term vision, continuous efforts, and investment in building a corporate culture based on discipline, transparency, and accountability.
Al-Rifai explained that the Central Bank of Kuwait, in cooperation with Kuwaiti banks, continues to implement specialized training programs and seminars targeting board members and senior executives. These programs aim to enhance knowledge of the latest global practices in governance and risk management, keeping pace with the rapid developments in the financial and banking sector.
He also stressed that strengthening corporate governance is not limited to compliance with regulations, but rather represents a focus on innovation, maximizing sustainable value, and building trust with stakeholders. He explained that the Kuwait Banking Association’s participation as a strategic partner in this conference stems from its commitment to supporting constructive dialogue, exchanging expertise, and promoting leading practices in this vital area. In closing, Al-Rifai expressed his confidence that the conference constitutes a platform for exchanging knowledge and enhancing institutional work, and contributes to building institutions that are more capable of facing the future with stability and sustainability.
