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For the purpose of keeping up with the international developments and enhance the corporate governance system so as to apply the best practices in the banking sector, the Central Bank of Iraq (CBI) has been keen on establishing and applying the principles of Corporate Governance by introducing the structure, legislative and control developments so as to mitigate the risk exposures in the banking s
ector. The investors tend to deal with the banks with due governance structures, as governance aims to determine the nature of the relationship between the Bank Board and the Executive Management in a way that shall eventually lead to protecting the funds of Clients, Shareholders and Stockholders, in addition to focusing on achieving other aims like disclosure and transparency. Therefore, this guide has been prepared according to the best internationally recognized practices, the related Iraqi laws, the international standards issued by the international organizations and authorities like the International Finance Corporation (IFC), the Organization of Economic Cooperation and Development (OECD), the Basel Committee on Banking Supervision (BCBS), the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI), and the Islamic Financial Services Board (IFSB) so as to help the banks to enhance the general framework of governance and wise management, in addition to helping the Board Members and the Executive Management to supervise and follow up the banks operations and activities in order to preserve the rights of the Clients, Shareholders and Stockholders.