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This blog aims to explore and elicit comments on issues ranging from global economics to corporate governance.
Name Nasser Saidi
Current Position Chief Economist
Company Name Thomson Reuters
Sector Consultancy
Age 64
Academic Background Prior to his public career, Dr.
Saidi pursued a career as an academic, serving as a Professor of Economics at the Department of
Economics in the University of Chicago, the Institut Universitaire de Hautes Etudes Internationales
(Geneva, CH), and the Université de Genève. He also served as a lecturer at the American University
of Beirut and the Université St. Joseph in Beirut.
He holds a Ph.D. and an M.A. in Economics from the University of Rochester in the U.S.A, an M.Sc.
from University College, London University and a B.A. from the American University of Beirut.
Biography Dr. Nasser H. Saidi is the former Chief Economist of the Dubai International Financial Centre Authority
(DIFCA) and Executive Director of the Hawkamah-Institute for Corporate Governance at the Dubai
International Financial Centre (DIFC). He served as the Data Protection Commissioner of DIFC from
January to August 2007.

He was the Minister of Economy and Trade and Minister of Industry of Lebanon between 1998 and
2000). He was the First Vice-Governor of the Central Bank of Lebanon for two successive mandates,
1993-1998 and 1998-2003. He is Co-Chair of the Organisation of Economic Cooperation and
Development’s (OECD) MENA Corporate Governance Working Group and established the Lebanon
Corporate Governance Task Force. He was a Member of the UN Committee for Development Policy
(UNCDP) for two mandates over the period 2000-2006, a position to which he was appointed by
former UN Secretary General Kofi Annan, in his personal capacity.

He recently authored a book, “Corporate Governance in the MENA countries: Improving
Transparency & Disclosure”. He has also written a number of books and publications addressing
macroeconomic, capital market development and international economic issues in Lebanon and
the region. His research interests include macroeconomics, financial market development, payment
systems and international economic policy, and information and communication technology (ICT).
Dr. Saidi has served as an economic adviser and director to a number of central banks and financial
institutions in Arab countries, Europe and Central and Latin America.
Nasser Saidi
Chief Economist
About Me
New Issued White Papers by Hawkamah
Posted: 18-Aug-2010
 


White Papers1:

Directors’ and Officers’ Liability Insurance in the MENA Region : Some Considerations for Directors


Executive Summary:

While the use of Directors and Officers (D&O) Liability Insurance has not grown as fast companies in the region,recent headlines should cause many directors and officers to think about directors and officers liability insurance.


Hawkamah partnered with Clyde & Co to organize a workshop designed to highlight the need for regional directors and officers to critically look at their potential liabilities as officers of companies. The articles in this White Paper came from presentations made by experts examining the following:

  • Directors Duties and Liabilities in the UAE Corporate Governance Code
  • Some of the Lessons Learned from the Crisis on Directors Duties and Liabilities
  • An Insurance Advisor’s Perspective on why Directors should be considered
  • Various Considerations on Insurance Coverage
White Paper 2:

Incentives and Remuneration in the New UAE Corporate Governance Law


Executive Summary:

The new corporate governance law for publicly listed companies in the United Arab Emirates came into force in April 2010 which will apply to public joint stock companies established in the UAE and companies listed in any securities market in the UAE and to their Boards of Directors.


The provisions of the UAE Code that have a bearing on remuneration can be summarized as the following. It mandates the setting up of a Nominations and Remuneration Committee, which is tasked with the formulation and review of remuneration policies. The Code states that this Committee should comprise at least three Nonexecutive Directors of whom at least two should be independent. The Chairman of the Board cannot be a member.


The Code also refers to Article 118 of Law No 8 of 1984 which stipulates that remuneration must not exceed 10% of the company’s

net profit. In addition, the Code calls for the issuance of a Corporate Governance Report by the company which should, among other things, set out the “means of remuneration fixation as well as the remuneration of the general manager, executive director or chief executive officer”.


This White Paper lays out some of the options that Remuneration Committees should consider as they carry out their duties as set out within the UAE Code.

  

White Paper 3:

Brief on the United States’ Dodd-Frank Wall Street Reform and Consumer Protection Act


Executive Summary:

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act). The Act is a complex bill spanning 2,323 pages focusing mainly on the financial service industry , but the Act also includes a number of corporate governance and executive compensation provisions that apply to all publicly traded companies (subject to exemptions for smaller issuers). This White Paper focuses on these changes affecting all listed companies in the United States.


The Act requires the US Securities and Exchange Commission (SEC) and the stock exchanges to adopt rules implementing the various new corporate governance and executive compensation provisions. A round of regulatory implementation is just starting and more rounds of legislative action should be expected. In other words, many of the specific requirements are yet to be formulated by the SEC and other relevant authorities, but this Brief will highlight the areas where substantive corporate governance rules now are in the pipeline


 

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