The Abu Dhabi Investment Authority is one of the three largest global sovereign funds, information that may not be new, and many know it, but what some people do not know is that the device is the best entity in the UAE in terms of governance and risk management, and most importantly, and even the beautiful thing that calls for Pride that those who manage and work with this risk management are Emirati men and youth, who fear for the reputation of their homeland, and are eager, with unparalleled sincerity, when they plan, work and invest government funds, so success was their ally.
I give them an example today for everyone who believes that national competencies cannot manage risks in national banks and banks, and everyone who tries to keep these citizens away from work in this important circle, and this vital and sensitive area, whatever the reasons, do these people still believe that a certain sexual dominance over Banking decision-making, correct and safe procedure? Or that their view should change today after the recent calamity of the discoveries that exposed the hidden in this sector ?!
The shock is great, and the strange thing is that the reasons that led to it are known, and we must not give anyone one’s responsibility. All those responsible for these banks are responsible for what happened. Just as they reap annual bonuses and get a percentage of profits every year, today they are responsible for the loss and loss of billions, But they bear the consequences of what happened, because the numbers we are talking about cannot be overlooked, nor can they be hidden from the data, so where are they from ?!
I am not talking about people here, nor do I mean anyone in person, but my talk about administrative positions, and everyone who holds a position is necessarily responsible for the consequences of this position, so it is not possible to vacate the boards of directors, because they simply did not exercise their terms of reference stipulated by law and founding contracts It seems, therefore, that we hold it responsible because it necessarily did not allocate the appropriate time to follow the banks ’business, and it is likely that its meetings were not focused, and were not accurate, and they were not properly due to the degree of scrutiny and scrutiny and consideration of each number and its analysis, and it is very clear that no one They searched and checked reports and data, and it is also clear that they do not Adoption of others, through the quasi-absolute authority in granting facilities to the executive departments, and only how these billions of passed unnoticed one ?!
What happened its causes are known, and cannot be ignored, citizens are absent from credit and risk departments, and some banks have, unfortunately, turned into semi-family companies, by employing relatives in leadership positions, and excluding those with expertise, in addition to the predominance of elements from those known nationalities, and their exclusion of most The functions and positions of credit and risk departments and internal control, and the number of meetings of the main committees, those emanating from boards of directors in those sensitive departments, does not exceed the number of fingers of one hand, and each meeting does not exceed one hour, in addition to part-time, and the combination of several positions, despite That this Financial institutions are huge, and their activities are multiple. Most members have more than one board, company, body, and many others, so when do they find the time for audit, oversight, and analysis ?!
This is what happens, and many other things. In order to address the mistakes, they must be recognized first, and the mistakes in this sector have increased to the extent, and in a way that can no longer be tolerated, they are public funds, and this sector must be restructured to stop the attacks on it ... sooner rather than later! !
twitter @ samialreyami
reyami@emaratalyoum.com
To read the previous articles of the writer please click on its name .