á````HÉbôdG ∞«æ°üJá````«`é¡æe
á`````jQGOE’G
CORPORATE GOVERNANCE RATING
METHODOLOGY
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á`````HÉ``bôdG ∞«æ°üJ á```«``é`¡`æ`e
á`````jQGOE’G
CORPORATE GOVERNANCE RATING
METHODOLOGY
º««≤àH á``jQGOE’G áHÉbôdG ∞«æ°üàd É¡eɶf ∫ÓN øe (“ádÉcƒdG”) ∞«æ°üà∏d á«dhódG á«eÓ°SE’G ádÉcƒdG Ωƒ≤J
᪶fC’ÉH Égó«≤Jh É¡JÉYGôe ióeh É¡©e Ú∏eÉ©àŸGh IQGOE’G ÚH ɪ«a äÉbÓ©dG ¿CÉ°ûH ájQGOE’G áHÉbôdG äÉ°SQɇ
ΩGõàdG ióe øY Ó≤à°ùe ÉjCGQ ádÉcƒdG ¬H Ωƒ≤J …òdG ájQGOE’G áHÉbôdG ∞«æ°üJ Èà©jh .á«ŸÉ©dG “äÉ°SQɪŸG π°†aCG”h
.ájQGOE’G äÉ°SQɪŸG ‘ ¥ƒØàdG ƃ∏ÑH á°ù°SDƒŸG
slamic International Rating Agency’s (IIRA) Corporate Governance Rating evaluates an
entity’s governance practices with respect to the relationships between management and
the stakeholders and the extent to which they conform to the regulations and global ‘best
practices’. IIRA’s Corporate Governance Rating (CGR) is an independent opinion on an
organization’s commitment to excellence in its managerial practices.
∞jô©àdG ƒgh ᫪æàdGh …OÉ°üàb’G ¿hÉ©àdG ᪶æe ¬à©°Vh …òdG äÉ°ù°SDƒª∏d ájQGOE’G áHÉbôdG ∞jô©J »∏j ɪ«a OQƒf
:∫RÉH áæ÷ ¬JôbCG …òdG
Here is the definition of Corporate Governance by the Organization for Economic Co-operation
and Development (OECD) and as adopted by the Basel Committee:
I
¢ù∏› ,á°ù°SDƒŸG hCG á¡÷G IQGOEG ÚH ɪ«a äÉbÓ©dG øe áYƒª› ≈∏Y äÉ°ù°SDƒª∏d ájQGOE’G áHÉbôdG πªà°ûJ”
±GógCG ¬dÓN øe â©°Vh …òdG πµ«¡dG ájQGOE’G áHÉbôdG ôaƒJ ɪc .É¡©e øjôNB’G Ú∏eÉ©àŸGh É¡«ªgÉ°ùe ,É¡JQGOEG
᪫∏°ùdG õaGƒ◊G Ió«÷G ájQGOE’G áHÉbôdG ôaƒJ ¿CG »¨Ñæj .Égò«ØæJ á©HÉàeh ±GógC’G √òg ≥«≤– πFÉ°Shh á¡÷G
π¡°ùJ ¿CG »¨Ñæjh ÚªgÉ°ùŸGh á¡÷G ∂∏J áë∏°üe ‘ ¿ƒµJ »àdG ±Gó``gC’G ƃ∏Ñd á°ù°SDƒŸG IQGOEGh IQGOE’G ¢ù∏éŸ
“.ÌcCG IAÉصH OQGƒŸG ΩGóîà°SG ≈∏Y äÉ°ù°SDƒŸG ™«é°ûJ ºK øeh ádÉ©ØdG á©HÉàŸG
“Corporate Governance involves a set of relationships between an entity’s management,
its board, its shareholders and other stakeholders. Corporate Governance also provides the
structure through which the objectives of the entity are set, and the means of attaining those
objectives and monitoring the performance. Good Corporate Governance should provide
proper incentives for the board and management to pursue objectives that are in the interests
of the entity and shareholders and should facilitate effective monitoring, thereby encouraging
firms to use resources more efficiently.”
™æ°U ¤EG ájODƒŸG äÉ«∏ª©dGh á°ù°SDƒŸG áÑbGôeh ¬«Lƒàd äGAGô``LE’G ≈∏Y πªà°ûJ á``jQGOE’G áHÉbôdG ¿EÉa ΩÉY ¬LƒH
.É¡d …QGOE’G AGOC’G á©HÉàe QÉWEGh á«∏«¨°ûàdGh á«dÉŸG äÉeƒ∏©ŸG øY ìÉ°üaE’G h äGQGô≤dG
Generally, Corporate Governance involves the procedures for directing and controlling the
organization, the processes for making corporate decisions, disclosing entity’s financial and
operational information, and the framework for monitoring management performance.
¢Vôa ΩóYh »ŸÉ©dG iƒà°ùŸG ≈∏Y ájQGOE’G áHÉbô∏d á«°ù«FôdG ô°UÉæ©dG ÚH Ée ≥«°ùæàdG ≈∏Y á«é¡æŸG √òg ìhQ Ωƒ≤J
‘ áØ∏à á«HÉbQ πcÉ«g ÜÉ©«à°S’ á«aÉc áfhôe ÚeCÉJ ƒg ∂dP øe ¢Vô¨dGh .¢UÉ°üàNG á¡L hCG ádhO ájC’ ÒjÉ©ŸG
,á«aÉØ°ûdG ,ádGó©dG ÇOÉÑe ¤EG GOÉæà°SG á¡é∏d ájQGOE’G áHÉbôdG ÒjÉ©e º««≤J ‘ ¿hÉ¡àdG ¿hO •É≤ædG ≥«≤– á«∏ªY
.á«dƒÄ°ùŸG h áÑ°SÉëŸG
The spirit of the methodology is to synthesize the key elements of Corporate Governance on
a global basis and not to impose the standards of any particular country or jurisdiction. The
aim is to ensure sufficient flexibility to accommodate different governance structures in the
scoring process without compromising the assessment of the entity’s governance standards on
the touchstones of fairness, transparency, accountability and responsibility.
á```````jQGOE’G á``````HÉbôdG º`````««≤J á`````«∏ªY ∫ƒ``````°UCG
The Origins of Corporate Governance Evaluation
≈∏Y äÉæ«fɪãdG ôNGhCG ‘ â©bh »àdG ∂∏J »g áHÉbôdG øe ´ƒædG Gòg Qƒ¡X ¤EG äOCG »àdG á«FóÑŸG äGQƒ£àdG âfÉc
áHÉbôdÉH á°üà áæ÷ â∏°UƒJ ó≤a .IóëàŸG áµ∏ªŸG ‘ πjƒ°ùcÉeh ∂«H ‹ƒH πãe äÉcô°ûdÉH á°UÉN íFÉ°†a Aƒ°V
óbh .1992 ΩÉY ‘ …ôHOÉc ôjô≤J ô°ûf ™e äÉ«°UƒàdG øe ójó©dG ¤EG …ôHOÉc ¿ÉjQójEG Ò°ùdG á°SÉFôH á``jQGOE’G
:»∏j Ée áMÎ≤ŸG ÒjÉ©ŸG â∏ªà°TG
IQGOE’G ¢ù∏› ¢ù«FQh …ò«ØæàdG ¢ù«Fô∏d á∏°üØæŸG ΩÉ¡ŸG •
IQGOE’G ¢ù∏éŸ ¿RGƒàŸG øjƒµàdG •
ájƒ≤dG á«∏NGódG áHÉbôdG πFÉ°Sh •
Újò«ØæàdG ÒZ IQGOE’G ¢ù∏› AÉ°†YCG QÉ«àN’ ádÉ©ØdG äÉ«∏ª©dG •
á«dÉŸG ôjQÉ≤àdG ‘ á«aÉØ°ûdG IOÉjR •
he preliminary developments took place in the late 1980s in the wake of corporate
scandals like Polly Peck and Maxwell in the UK. A corporate governance committee, led
by Sir Adrian Cadbury, came up with numerous recommendations with the publication of the
Cadbury Report in 1992. The suggested measures included:
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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Separate roles of chief executive and chairman
Balanced composition of the board
Strong internal controls
Efficient processes for the selection of non-executive directors
Increased transparency in financial reporting
Islamic International Rating Agency
1
In 1995, as a response to the concerns about directors’ pay and share options, the Greenbury
Report suggested extensive disclosure in annual reports on remuneration and recommended
the establishment of a remuneration committee comprised of non-executive directors. Again,
the majority of the recommendations were endorsed by the Listing Rules.
QÉ«N ¥ƒ≤M íæeh IQGOE’G ¢ù∏› AÉ°†YCG äBÉaɵe AGREG É¡æY ÒÑ©àdG ” »àdG ±hÉîŸG ÜÉ≤YCG ‘h 1995 ΩÉY ‘
áæ÷ π«µ°ûàH ≈°UhCGh äBÉaɵŸG øY ájƒæ°ùdG ôjQÉ≤àdG ‘ π«°üØàdÉH ìÉ°üa’G ºàj ¿CG …ôHOÉc ôjô≤J ìÎbEG º¡°SC’G
ÖLƒÃ ÉgQGôbEG ” äÉ«°UƒàdG á«ÑdÉZ ¿EÉa ójóL øeh .Újò«ØæàdG ÒZ IQGOE’G ¢ù∏› AÉ°†YCG øe áfƒµe äBÉaɵª∏d
.äÉ°UQƒÑdG ‘ êGQOE’G íFGƒd
Six years later, another committee published the ‘Combined Code of Corporate Governance’.
The code addressed
ΩɶædG ∫hÉæJh .“äÉ°ù°SDƒª∏d ájQGOE’G áHÉbô∏d óMƒŸG ΩɶædG” ô°ûæH iôNCG áæ÷ âeÉb äGƒæ°S â°ùH ∂dP ó©H
:á«dÉàdG QƒeC’G
IQGOE’G ¢ù∏› ΩÉ¡eh »ª«¶æàdG πµ«¡dG •
IQGOE’G ¢ù∏› AÉ°†YCG äBÉaɵe •
äÉHÉ°ù◊G ≥«bóJh á«dƒÄ°ùŸG øY áÑ°SÉëŸG •
ÚªgÉ°ùŸG ™e äÉbÓ©dG •
ÚªgÉ°ùŸG äÉ«dƒÄ°ùe •
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The structure and operations of the board
Directors’ remuneration
Accountability and audit
Relations with shareholders, and
Responsibilities of shareholders
In 2004, in-line with the developments in Islamic financial markets, the Accounting and
Auditing Organization for Islamic Financial Institutions (AAOIFI) also issued Governance
Standards. The ethical values emphasized by AAOIFI in its ‘Code of Ethics’ include:
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Faith-driven conduct
Professional competence and diligence
Trustworthiness
Religious legitimacy
Objectivity
Professional conduct and technical standards
In an attempt to create a Corporate Governance framework in the Middle East, the Bahrain
Monetary Agency (BMA) outlined a number of rules with which Islamic Financial Institutions
(IFIs) must comply. In the rulebook for IFIs, the regulator of the Bahraini financial system
requires:
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Separation of the roles of chairman and chief executive
Development of a code of conduct by the organization and its approval by the board
The board members to be independent and non-executive
Mandatory setup of audit and Shari’a committees
Compulsory setup of independent functions of internal audit and risk management
Prior notification to BMA in case of major changes in the strategy and corporate plan
of the entity
The Impact of Corporate Governance on Performance
2
á«dÉŸG äÉ°ù°SDƒª∏d á©LGôŸGh áÑ°SÉëŸG áÄ«g äQó°UCG á«eÓ°S’G ∫ÉŸG ¥Gƒ°SCG ‘ äGQƒ£àdG áÑcGƒŸh 2004 ΩÉY ‘
:»∏j Ée É¡«a Éà ±ô°û∏d É¡àëF’ ‘ á«bÓNC’G º«≤dG ≈∏Y áÄ«¡dG äócCGh .ájQGOE’G áHÉbôdG ÒjÉ©e É°†jCG á«eÓ°SE’G
Ió«≤©dÉH ¿ÉÁ’G ≈∏Y ºFÉ≤dG ∑ƒ∏°ùdG •
OÉ¡àL’Gh á«æ¡ŸG IAÉصdG •
á≤∏£ŸG á≤ãdÉH ™àªàdG •
á«æjódG á«Yô°ûdG •
á«Yƒ°VƒŸG •
á«æØdG ÒjÉ©ŸGh »æ¡ŸG ∑ƒ∏°ùdG •
øe GOóY øjôëÑdG ó≤f á°ù°SDƒe â©°Vh §°ShC’G ¥ô°ûdG ‘ á``jQGOE’G áHÉbô∏d πªY QÉWEG AÉ°ûfE’ É¡æe ádhÉ ‘
äÉ°ù°SDƒŸG øY ádƒÄ°ùŸG ᫪«¶æàdG á¡÷G •Î°ûJh .É¡H ó«≤àdG á«eÓ°SE’G á«dÉŸG äÉ°ù°SDƒŸG ≈∏Y Ú©àj ᪶fC’G
:É¡JôbCG »àdG ᪶fC’G øª°V »∏j Ée á«eÓ°SE’G á«dÉŸG
…ò«ØæàdG ¢ù«FôdGh IQGOE’G ¢ù∏› ¢ù«FQ ΩÉ¡e ÚH ɪ«a π°üØdG •
IQGOE’G ¢ù∏› øe É¡«∏Y á≤aGƒŸGh á°ù°SDƒª∏d ±ô°T áëF’ ™°Vh •
Újò«ØæJ ÒZh Ú∏≤à°ùe IQGOE’G ¢ù∏› AÉ°†YCG ¿ƒµj ¿CG Öéj •
á«Yô°ûdG áHÉbôdGh ≥«bóàdG ¿Éé∏d »eGõdE’G π«µ°ûàdG •
ôWÉîŸG IQGOEGh »∏NGódG ≥«bóà∏d á∏≤à°ùŸG ΩÉ¡ª∏d »eGõdE’G ójóëàdG •
èeÉfÈdGh á«é«JGΰS’G ‘ á«°ù«FQ äGÒ«¨J çhóM ádÉM ‘ É≤Ñ°ùe øjôëÑdG ó≤f á°ù°SDƒe QÉ£NEG ܃Lh •
.á°ù°SDƒª∏d OóëŸG
AGOC’G ≈``∏Y á``````jQGOE’G á`````````HÉ```bô``dG ô`````«KCÉJ
orporate Governance holds vital importance for the credit analysis process since the
financial health of the entity is dependent to a large extent on the governance practices
of the entity.
C
á«dÉŸG IQó≤dG ¿C’ Gô¶f ÊɪàF’G π«∏ëàdG á«∏ª©d áÑ°ùædÉH á¨dÉH ᫪gCG äGP á°ù°SDƒª∏d á``jQGOE’G áHÉbôdG Èà©J
.á°ù°SDƒª∏d á«HÉbôdG äÉ°SQɪŸG ≈∏Y IÒÑc áLQO ¤EG ∞bƒàJ á°ù°SDƒª∏d
A number of studies published in recent years have exhibited a strong link between high
Corporate Governance standards and a healthy earning stream. For example, Brown, Lawrence
D., and Caylor, Marcus, “Corporate Governance Study in 2004: The Correlation between
Corporate Governance and Company Performance,” found that the best-governed companies
had higher returns on investment and equity than those of poorly governed companies.
ájQGOE’G áHÉbôdG ÒjÉ©e ÚH ɪ«a ájƒb ábÓY OƒLh IÒNC’G äGƒæ°ùdG ‘ äô°ûf »àdG äÉ°SGQódG øe OóY ô¡XCG óbh
,Qƒ∏jÉch .…O ¢ùfGQƒd ,¿hGôH É¡H ΩÉb »àdG á°SGQódG ‘ AÉL ∫ÉãŸG π«Ñ°S ≈∏©a .á©ØJôŸG äGóFÉ©dG Qó°üeh á©ØJôŸG
¿CG “äÉcô°ûdG AGOCGh á``jQGOE’G áHÉbôdG ÚH ɪ«a •ÉÑJQ’G :2004 ‘ á``jQGOE’G áHÉbôdG á°SGQO” ¿Gƒæ©H ¢SƒcQÉe
äÉcô°ûdÉH áfQÉ≤e ÚªgÉ°ùŸG ¥ƒ≤Mh Qɪãà°S’G øY ≈∏YCG äGóFÉY â≤≤M ájQGOEG áHÉbQ π°†aCÉH ™àªàJ »àdG äÉcô°ûdG
.áÄ«°S ájQGOE’G áHÉbôdG É¡«a ¿ƒµJ »àdG
Islamic International Rating Agency
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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ájQÉ°ûà°S’G áYƒªéŸG â©°Vh óbh .äÉ°ù°SDƒŸG ™«ªL ≈∏Y ájQGOE’G áHÉbô∏d óMGh êPƒ‰ ≥«Ñ£J øµÁ ’ Gòg ™eh
áHÉbôdG ÇOÉÑe øe áYƒª› ᫪æàdGh …OÉ°üàb’G ¿hÉ©àdG ᪶æe iód á``jQGOE’G áHÉbôdG ¿CÉ°ûH ∫ɪYC’G ´É£≤d
:»∏j ɪ«a ÇOÉÑŸG √òg πãªàJh .¢UÉ°üàN’G äÉ¡Lh ≥WÉæŸG øe IOó©àe áYƒª› É¡«a ∑QÉ°ûJ ájQGOE’G
ádGó©dG •
á«aÉØ°ûdG •
áÑ°SÉëŸG •
á«dƒÄ°ùŸG •
A single model of Corporate Governance cannot be applied to all organizations. The Business
Sector Advisory Group on Corporate Governance to the OECD has articulated a set of principles
of corporate governance that are relevant across a range of jurisdictions. These are:
Oɪ©d ¢ù°SCÉc (ádÉcƒdG) ∞«æ°üà∏d á«dhódG á«eÓ°SE’G ádÉcƒdG É¡©ÑàJ »àdG ∂∏J »g ÇOÉÑŸG øe áYƒªéŸG √ògh
.áØ∏à äÉcô°Th äÉ¡÷h äÉ°ù°SDƒª∏d ájQGOE’G áHÉbôdG ∞«æ°üJ
These same principles are used by IIRA as cornerstones in CGR for individual entities.
á`````````dÉ`cƒdG ܃∏```°SCG
.√ÓYCG IQƒcòŸG ájOÉ°TQ’G ÇOÉÑŸGh äÉ«°UƒàdG QÉÑàY’G ‘ ádÉcƒdG iód É¡H ∫ƒª©ŸG ájQGOE’G áHÉbôdG á«é¡æe òNCÉJ
äÉWGΰT’G ¤EG áaÉ°V’ÉHájOÉ°TQ’GäÉ¡«LƒàdG√òg™eá«æ©ŸGäÉ°ù°SDƒŸGÚHÉe≥aGƒàdGióeº««≤àHádÉcƒdGΩƒ≤Jh
QÉ©°SCGh á«dÉŸG äGóæ°ùdÉH á°üàîŸG äÉÄ«¡dGh ,ájõcôŸG ∑ƒæÑdG πãe) á«∏ëŸG ᫪«¶æàdG äÉ¡÷G πÑb øe áYƒ°VƒŸG
.(iôNC’G ᫪«¶æàdG äÉ¡÷Gh á«dÉŸG ¥GQhC’G ¥Gƒ°SCG ,±ô°üdG
á¡÷ ájQGOE’G áHÉbôdG äÉ°SQɇ ¿CÉ°ûH á«LQÉN á¡L øe π≤à°ùe …CGQ øY IQÉÑY ájQGOE’G áHÉbô∏d ádÉcƒdG ∞«æ°üJh
ájOÉ°TQ’G äÉ¡«LƒàdGh íFGƒ∏dÉH ΩGõàd’Gh ´ÉÑJÉH á°ù°SDƒŸG ¬H Ωƒ≤J …òdG ióŸG ∞«æ°üàdG ¢ùµ©j .áæ«©e á°ù°SDƒŸ hCG
(∞«æ°üJ ≈∏YCG) CGR-10 øe äÉÄØH á``jQGOE’G áHÉbôdG ∞«æ°üJ íæÁh .á``jQGOE’G áHÉbô∏d ádƒÑ≤ŸG äÉ°SQɪª∏d
äÉ°SQɇh äÉ«∏ª©d á«dɪLE’G Iƒ≤dG QÉ¡XE’ (∞«æ°üJ ≈fOCG) CGR-1 ∫ó©Ã ájQGOE’G áHÉbôdG ∞«æ°üJ áÄa ¤EG
.ájQGOE’G áHÉbôdG
á°ù°SDƒª∏d ájQGOE’G áHÉbôdG äÉ°SQɪŸ á«aGh á°SGQO ádÉcƒdG øe ≥Ñ£ŸG äÉ°ù°SDƒª∏d ájQGOE’G áHÉbôdG ∞«æ°üJ Ö∏£àj
º««≤àdG ¿C’ ᪡ŸG √ò¡H ΩÉ«≤∏d É¡∏gDƒj Gójôa É©bƒe ∞«æ°üàdG ä’Éch πà– .á«ŸÉ©dG“äÉ°SQɪŸG π°†aCÉH” É¡àfQÉ≤eh
É≤«Kh ’É°üJEG ä’ÉcƒdG √òg º«≤J ɪc .ÊɪàF’G ∞«æ°üàdG á«∏ªY ∫ÓN ¬à°SGQO ºàJ »Yƒf ÖfÉL ºgCG ƒg …QGOE’G
¿ƒ∏eÉ©àŸG É¡d ¢Vô©àj »àdG ôWÉîŸG ÖfGƒL ∞∏àîŸ ÓeÉ°T ɪ¡a É¡jód ¿EÉa ∂dP ¤EG áaÉ°VE’ÉH .᫪«¶æàdG ôWC’ÉH
.¿ƒ«dÉŸG
:»∏j ɪc »g ájQGOE’G áHÉbôdG ∞«æ°üàd ádÉcƒdG π«∏ëàd á«°ù«FôdG äÉfƒµŸG ¿EG
IQô≤ŸG º¶ædG IÉYGôeh ΩGõàd’G
᫵∏ŸG πµ«g
¬JÉ«∏ªYh IQGOE’G ¢ù∏éŸ »ª«¶æàdG πµ«¡dG
¬JÉ«∏ªYh ájò«ØæàdG IQGOEÓd »ª«¶æàdG πµ«¡dG
á«aÉØ°ûdG
•ÉÑ°†f’Gh á«∏NGódG áHÉbôdG
Ú∏eÉ©àŸG ™e äÉbÓ©dG
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IQô≤ŸG º¶ædG IÉYGôeh ΩGõàd’G .1
óYGƒbh êGQOE’G äÉÑ∏£àeh IQô≤ŸG º¶ædGh ÚfGƒ≤dG ™«ª÷ É¡JÉYGôeh á°ù°SDƒŸG ΩGõàdG iƒà°ùe øe ádÉcƒdG ócCÉàJ
ÚeCÉàd áÄ«ÑdGh πª©dG ÚfGƒb ᪶fC’Gh ÚfGƒ≤dG √òg πª°ûJ .á«fƒfÉ≤dGh á«ÑFGô°†dGh ᫪«¶æàdG äÉ¡÷G íFGƒdh
á«Ñ∏°ùdG á«FÉ°†≤dG …hÉYódG øe ájɪ◊G øª°†j ᪶fC’G √ò¡H ó«≤àdG ¿CG ɪc .íHôdG ä’ó©e ™aQh äÉ«∏ª©dG QGôªà°SG
.AÓª©dGh äÉ°ù°SDƒŸG á≤K ¿Gó≤ah IQÉ°ùÿGh
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∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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Fairness
Transparency
Accountability; and
Responsibility
IIRA’s Approach
I
IRA’s CGR Methodology takes into considration the above recommendations and guidelines.
IIRA assesses the level of compatibility of entities with these guidelines, in addition to
the local regulatory authorities’ requirements (such as central banks, security and exchange
commissions, stock exchanges, and other regulators).
IIRA’s CGR is an independent third party opinion on the corporate governance practices
of an entity. The rating reflects the extent to which an entity has adopted and conforms to
codes and guidelines of the accepted practices of Corporate Governance. A scale of CGR-10
(highest) to CGR-1 (lowest) is used to state the overall strength of Corporate Governance
processes and practices.
IIRA’s CGR requires an in-depth study of the corporate governance practices of an entity and
their comparison with global ‘best practices’. Rating agencies are uniquely placed to carry out
this function because managerial assessment is the most important qualitative aspect examined
during the credit rating process. These agencies are also in close contact with the regulatory
frameworks. In addition, they have a comprehensive understanding of the various kinds of risks
the financial stakeholders are exposed to.
Major components of IIRA’s analysis for CGR are:
1.
2.
3.
4.
5.
6.
7.
Regulatory compliance
Ownership structure
Board structure and processes
Executive management structure and processes
Transparency
Internal control and discipline; and
Stakeholders’ relations
1. Regulatory Compliance
IIRA ascertains the entity’s level of compliance with all applicable laws, listing requirements
and rules of regulatory, taxation and statutory bodies. These laws and rules include labor
and environmental regulations to ensure continuation of operations and optimization of
profit. Abiding by these regulations ensures protection from adverse legal actions and the
loss of business and customer confidence.
Islamic International Rating Agency
3
2. Ownership Structure
IIRA analyzes the breakdown of shareholdings to identify majority holders, indirect
ownership, and executive equity ownership. Such an analysis is required to screen out
the issues of concentration and large block-holders (who may exert influence that is
detrimental to the interests of other stakeholders). This scrutiny also ensures that the
entity is not disadvantaged by shareholders who are shielded from accountability and that
minority shareholders are protected against loss of value or dilution of their interest.
The ownership rights are evaluated by analyzing the arrangements of transfer registration,
shareholding structure, shareholder agreement, dividend payout history, and information
on share repurchases and swaps. This process examines the existence of secure methods of
transferability of shares and fair financial treatment.
3. Board Structure and Processes
IIRA studies the board composition and questions whether the members of the board
have the relevant education and experience to operate independently, and actively. IIRA
looks at the board’s responsibilities to ensure that it provides a strong base of independent
directors, evaluates the entity’s strategy regularly, and guides management performance.
To assess the board’s performance for internal risk control and overall accountability,
IIRA monitors the board committees meetings’ agendas, records of deliberations and any
dissenting opinions to the decisions of the board.
IIRA places extra emphasis on separation of authority. Therefore, IIRA scrutinizes the
board’s structure, leadership of committees, and representation of constituencies to assess
the extent to which the interests of all the shareholders are represented fairly. Moreover,
IIRA examines the compensation of board members to check whether they are fairly
remunerated and motivated to ensure the success of the entity. At the same time, the
compensation should not be extravagant, which could result in the directors perpetuating
themselves without contributing to the entity’s development.
IIRA checks if all directors are submitted for re-election at regular intervals to allow
effective rotation and a capable combination of directors who are competitive in achieving
entity’s objectives. Similarly, IIRA also places emphasis on the procedures adopted for
the selection of the chief executive officer, chief financial officer, entity secretary and
departmental heads along with well-defined sets of skills and criteria for selection that
focus on educational and experience profile and personality traits.
IIRA attempts to make sure that the organizational structure clearly defines a set of
responsibilities for the key executives to work together and independently to achieve the
entity’s objectives. Furthermore, IIRA examines the procedure and criteria for selection of
key executives by the board and the importance given to integrity, technical competence
and experience to handle operations.
IIRA searches for a clear division of responsibilities between running the board and running
the business. It looks at the frequency and outcome of internal meetings in light of board
decisions to see if the organization is working cohesively. IIRA also examines the level
of delegation of powers by the board to the executive management. This analysis helps
4
Islamic International Rating Agency
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٥
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
ascertain whether the executive management has sufficient independence to handle dayto-day operations, take proactive actions, avail business opportunities and counter any
adverse developments to protect the entity. IIRA also sees if the presence and composition
of any executive management committee is separate from the board committees to ensure
the appropriate distribution of powers.
4. Executive Management Structures and Processes
IIRA analyzes the management, structure, effectiveness and operations to ensure the
success of the entity. IIRA also examines the record keeping of all meetings and evaluate
the availability of information for planning, organizing and controlling the operations and
decision making. IIRA also scans the evaluation and remuneration criteria of management
and the procedure for disciplinary actions whenever required to assess their motivation to
fulfill the entity’s objectives.
IIRA explores relations between shareholders and management. It screens the annual
general meeting’s minutes and assesses the quality of shareholder participations. IIRA
sees if the shareholders are furnished with sufficient and timely information to allow equal
access of all shareholders for effective deliberations in the meetings. Moreover, IIRA
assesses the quality of management’s participations in the meetings and their actions and
responses to shareholder observations and queries.
IIRA examines the dividend payout history and projected dividend payments to determine
if they are in line with the dividend policy. The dividend policy is looked at critically
because it affects the financial structure of the entity. IIRA checks whether the dividend
policy states the proportion of earnings to be distributed to the shareholders by way of
dividends, and the proportion of earnings returned for the purposes of reinvestment. It
also should state the frequency of dividend payments.
5. Transparency
IIRA assesses transparency by monitoring the quality and timeliness of disclosure of
adequate information regarding the entity’s operational and financial performance. This
enables stakeholders to effectively screen and suggest alterations on the course-of-actions
of management. IIRA also monitors if all publicly released information (including entity
by-laws, statues and/or articles and other information) are made promptly available to
all stakeholders to ensure the effectiveness of internal disclosure policies. IIRA asks the
key question; does the financial reporting facilitate a clear understanding of an entity’s
true underlying financial condition. IIRA also measures the entity’s openness regarding
non-financial performance, particularly relating to an entity’s business operations and
competitive position without compromising on the confidentiality of information.
6. Internal Controls and Discipline
IIRA examines if the entity has selected qualified and independent external auditors by
looking at the procedure for auditor’s selection based on background, qualifications and
reputation. IIRA checks whether they are given any other assignments which would
give them the financial benefits that may run contrary to their independence. IIRA also
scrutinizes the reasons behind changes of auditors. IIRA questions whether the entity is
utilizing the independent and objective audit process by taking actions on the issues raised
by external auditors. The adoption of internationally recognized accounting principles is
a positive factor as long as they are not in conflict with the local accounting standards.
Islamic International Rating Agency
5
IIRA also evaluates the internal audit department personnel, checking their qualifications,
experience, capabilities and competence to handle internal audit responsibilities. Their
remuneration and its reflections on the auditor’s motivations are also studied. IIRA also
analyzes the audit committee and its responsibilities to find out if they promote a sound
internal control environment. IIRA monitors the output of internal auditors. IIRA
checks if the committee is comprised of directors who are independent. Moreover, IIRA
questions whether they possess the financial savvy that can help promote unbiased and
critical oversight of the entity’s accounting practices.
IIRA assesses the outcomes of auditors’ meetings and studies the deliberations with respect
to audit, risk management and control systems. The actions based on such deliberations
are also evaluated. In addition, IIRA monitors the overall level of financial discipline of
the entity to ensure continued operations. IIRA also determines whether the auditors
provide accurate accounting statements in line with the entity’s financial position and
fundamental risks to protect the integrity of financial reporting. IIRA establishes whether
or not the entity demonstrates that its operations are measured, monitored and controlled
by appropriate, effective and prudent risk management systems.
7. Stakeholders’ Relations
IIRA places emphasis on effective and positive employee-employer relations. Attracting
appropriately qualified employees and matching them to the jobs for which they are best
suited is significant for the success of an organization. IIRA looks at the entity’s efforts
to enhance morale and productivity, limit job turnover, and help the entity increase
performance and improve business results. IIRA examines how effectively the entity
uses employee skills, provides training and development opportunities to improve those
skills. Does the organization attempt to increase employee satisfaction with their jobs and
working conditions?
IIRA assesses the human resource management policies by looking at communication
channels between employer and employees, work assignments, performance appraisals,
employee turnover level, hiring, disciplinary actions, training procedures and remuneration
criteria. IIRA evaluates the adaptation and disclosure to code of business conducts and
ethics. IIRA also analyzes the mode adopted to convey code of ethics and governance
practices to internal employees.
IIRA focuses on an entity’s social responsibilities and customer relations because they
increase stakeholders’ confidence in the entity and lead to profit maximization. It is the
obligation of management to take actions which enhance the welfare and interests of the
society as well as the entity. This is related to an entity’s ethical, economic, legal, and
discretionary responsibilities.
While a growing business needs to constantly capture new customers, the priority of a
business should be to maintain existing customer relations. IIRA ascertains if the entity
is investing in customer relations management to maintain customer goodwill. IIRA
also studies the entity’s relationship with immediate competitors. The entity’s efforts to
maintain a healthy competitive environment are given consideration during the rating
process.
6
Islamic International Rating Agency
º¡JAÉØch º¡JGQób h º¡JGÈN h º¡JÓgDƒe á©LGôeh »∏NGódG ≥«bóàdG IôFGO »ØXƒe º««≤àH É°†jCG ádÉcƒdG Ωƒ≤Jh
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äÉ°SQɪŸG ≈∏Y …ó≤fh RÉëæe ÒZ ±Gô°TEG ¤EG π°UƒàdG ≈∏Y ºgóYÉ°ùJ ¿CG øµÁ »àdG á«dÉŸG áaô©ŸG º¡jód âfÉc
.á°ù°SDƒª∏d á«Ñ°SÉëŸG
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ádÉcƒdG Ωƒ≤J ∂dP ¤EG áaÉ°VE’ÉH .äÉ°ûbÉæŸG √òg ≈∏Y óªà©J »àdG äGAGôLE’G º««≤J É°†jCG ºàjh .áÑbGôŸG ᪶fCGh
âfÉc GPEG Ée É°†jCG ¢SQóJ ɪc .äÉ«∏ª©dG á∏°UGƒe øe ócCÉà∏d á°ù°SDƒª∏d ‹ÉŸG •ÉÑ°†fÓd ‹ÉªLE’G iƒà°ùŸG á©HÉàÃ
ôjQÉ≤àdG áeÓ°S ájɪ◊ ájôgƒ÷G ôWÉîŸGh á¡é∏d ‹ÉŸG ™°VƒdG ¢ùµ©J äÉHÉ°ù◊G »≤bóe øe áeó≤ŸG ôjQÉ≤àdG
᪶fCG ᣰSGƒH áÑbGôŸGh á©HÉàŸGh ¢SÉ«≤dG øeDƒJ πFÉ°SƒH á°ù°SDƒŸG äÉ«∏ªY ™à“ ióe ádÉ◊G √òg ‘ Qô≤Jh .á«dÉŸG
.ôWÉîŸG IQGOE’ ájó›h ádÉ©ah áÑ°SÉæe
Ú∏eÉ©àŸG ™e äÉbÓ©dG .7
ÚØXƒe ÜÉ£≤à°SG ¿EG .πª©dG ÜQh ÚØXƒŸG ÚH ɪ«a á«HÉéjE’G ádÉ©ØdG äÉbÓ©dÉH ɨdÉH ÉeɪàgG ádÉcƒdG …óÑJ
ìÉéæd áÑ°ùædÉH ÉeÉg GôeCG Èà©j É¡«a ¿ƒ∏ª©j »àdG ∞FÉXƒ∏d á«MÓ°üdÉH ¿ƒ©àªàjh áÑ°SÉæŸG äÓgDƒŸÉH ¿ƒ©àªàj
Ò«¨J ∫ó©e øe ó◊ÉH É¡eÉ«b ióeh ,á«LÉàfE’Gh ájƒæ©ŸG ìhôdG Ú°ùëàd á°ù°SDƒŸG Oƒ¡L ádÉcƒdG ¢SQóJ .á°ù°SDƒŸG
á°SGQO ºàjh .•É°ûædG øe ájQÉéàdG èFÉàædG Ú°ù–h AGOC’G IOÉjR ≈∏Y á°ù°SDƒŸG IóYÉ°ùeh ∞FÉXƒdG ‘ Ú∏eÉ©dG
√òg Ú°ùëàd ôjƒ£àdGh ÖjQóàdG ¢Uôa ôaƒJh ÚØXƒŸG äGQóbh äGQÉ¡e øe á°ù°SDƒŸG É¡H ó«Øà°ùJ »àdG á«Ø«µdG
.º¡∏ªY ±hôXh º¡ØFÉXh √ÉŒ ÚØXƒŸG É°VQ ∫ó©e IOÉjR á°ù°SDƒŸG ∫hÉ– πgh äGQó≤dGh äGQÉ¡ŸG
ÚH ɪ«a ∫É°üJ’G äGƒæb á°SGQO ≥jôW øY ájô°ûÑdG OQGƒŸG IQGOEG äÉ°SÉ«°S º««≤àH ádÉcƒdG Ωƒ≤J iôNCG á¡L øe
äGAGôLE’G ,∞«XƒàdG äÉ«∏ªY ,ÚØXƒŸG Ò«¨J ∫ó©e ,AGOC’G º««≤J äÉ«∏ªY ,πª©dG ΩÉ¡e ,ÚØXƒŸGh πª©dG ÜQ
ÚØXƒŸG ∞jô©àH ™ÑàŸG ܃∏°SC’G π«∏ëàH É°†jCG Ωƒ≤Jh .äBÉaɵŸGh QƒLC’G ÒjÉ©eh ÖjQóàdG äGAGôLEG ,á«FGõ÷G
.ájQGOE’G áHÉbôdG ᪶fCGh äÉ«bÓNC’G äÉ°SQɪà á°ù°SDƒŸG πNGO
Ú∏eÉ©àŸG á≤K IOÉjR ‘ ºgÉ°ùJ É¡fC’ AÓª©dG äÉbÓYh á°ù°SDƒª∏d á«YɪàLE’G äÉ«dƒÄ°ùŸG ≈∏Y ádÉcƒdG õcôJh Gòg
äGAGôLE’G PÉîJEG IQGOE’G ≥JÉY ≈∏Y ™≤jh .ìÉHQC’G ∫ó©e º«¶©Jh IOÉjR ¤EG …ODƒJh á°ù°SDƒŸG ‘ áë∏°üŸG …hPh
ájOÉ°üàb’Gh á«bÓNC’G äÉ«dƒÄ°ùŸÉH Gòg ≥∏©àjh .Égô°SCÉH á°ù°SDƒŸG ∂dòch ™ªàéŸG ídÉ°üeh á«gÉaQ ø°ù– »àdG
.á°ù°SDƒŸG hCG á¡é∏d ájôjó≤àdGh á«fƒfÉ≤dGh
‘ πãªàJ á°ù°SDƒe ájC’ á≤∏£ŸG ájƒdhC’G ¿EÉa OóL AÓªY ÜGòàLEG ¤EG áªFGO áLÉëH á«eÉædG á°ù°SDƒŸG ¿ƒµJ ÉeóæY
AÓª©dG äÉbÓY IQGOEG ‘ á°ù°SDƒŸG Qɪãà°SG ióe ádÉcƒdG ¢SQóJ .Ú«dÉ◊G AÓª©dG ™e äÉbÓ©dG ≈∏Y á¶aÉëŸG
ºàj ɪc .øjô°TÉÑŸG Ú°ùaÉæŸÉH á°ù°SDƒŸG ábÓY É°†jCG ¢SQóJh .É¡FÓªY iód ɡ੪°S ≈∏Y á¶aÉëŸG ≈∏Y É¡JQó≤H
.á«ë°U á«°ùaÉæJ áÄ«H ≈∏Y á¶aÉëª∏d á°ù°SDƒŸG Oƒ¡L ‘ ∞«æ°üàdG á«∏ªY ∫ÓN ô¶ædG
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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äÉ```°ù°SDƒ``ª∏d á````jQGOE’G á`````HÉbô∏d ∞«æ°üàdG äÉ`````LQO
Corporate Governance Rating Definitions
∞«æ°üàd ∂dPh CGR-10 ¤EG CGR-1 øe äÉ°ù°SDƒª∏d á``jQGOE’G áHÉbôdG ∞«æ°üàd É°SÉ«≤e ádÉcƒdG Ωóîà°ùJ
≈fOCG ƒg CGR-1 ∫ó©e ¿ƒµj ɪæ«H øµ‡ ∞«æ°üJ ∫ó©e ≈∏YCG ƒg CGR-10 ∫ó©e ¿ƒµj å«ëH äÉ°ù°SDƒŸG
.øµ‡ ∞«æ°üJ
IIRA uses a scale of CGR-1 to 10 to rate Corporate Governance with CGR-10 being the
highest possible rating and CGR-1 being the lowest possible rating.
äÉ°ù°SDƒª∏d ájQGOE’G áHÉbô∏d ∞«æ°üàdG ÒjÉ©eh ¢SÉ«≤e
∞©°†dG •É≤f øe GóL π«∏≤dG OƒLh ™e ΩÉY ¬LƒH ájQGOE’G áHÉbôdG äÉ°SQɇh äÉ«∏ª©d ∫ó©e iƒbCG :CGR-10
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG øe ∫É› …CG ‘
CGR-10: Strongest Corporate Governance processes and practices overall, with very few
weaknesses in any of the major areas of governance analysis.
CGR-9:
Very strong Corporate Governance processes and practices overall, with few
weaknesses in any of the major areas of governance analysis.
CGR-8:
Strong Corporate Governance processes and practices overall, with some weaknesses
in certain of the major areas of governance analysis.
CGR-7:
ä’É› ‘ ∞©°†dG ¬LhCG ¢†©H óLƒJ ɪ«a ΩÉY ¬LƒH Iƒ≤dG ᣰSƒàe ájQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-7
.ájQGOE’G áHÉbôdG π«∏ëàd áæ«©e á«°ù«FQ
Moderately strong Corporate Governance processes and practices overall, with
weaknesses in certain of the major areas of governance analysis.
CGR-6:
øe OóY ‘ ∞©°†dG ¬LhCG ¢†©H óLƒJ ɪ«a ΩÉY ¬LƒH á«°Vôe á``jQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-6
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG
Satisfactory Corporate Governance processes and practices overall, with some
weaknesses in several of the major areas of governance analysis.
CGR-5:
ä’ÉéŸG øe OóY ‘ ∞©°†dG ¬LhCG ¢†©H óLƒJ ɪ«a ΩÉY ¬LƒH á«aÉc ájQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-5
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG
Adequate Corporate Governance processes and practices overall, with weaknesses
in several of the major areas of governance analysis.
CGR-4:
øe OóY ‘ ∞©°†dG ¬LhCG óLƒJ ɪ«a ΩÉY ¬LƒH ∞©°†dG ᣰSƒàe ájQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-4
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG
Moderately weak Corporate Governance processes and practices overall, with
weaknesses in a number of the major areas of governance analysis.
CGR-3:
øe OóY ‘ á¨dÉH ∞©°V ¬``LhCG óLƒJ ɪ«a ΩÉY ¬LƒH áØ«©°V á``jQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-3
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG
Weak Corporate Governance processes and practices overall, with significant
weaknesses in a number of the major areas of governance analysis.
CGR-2:
º¶©e ‘ á¨dÉH ∞©°V ¬LhCG óLƒJ ɪ«a ΩÉY ¬LƒH GóL áØ«©°V ájQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-2
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG
Very weak Corporate Governance processes and practices overall, with significant
weaknesses in most of the major areas of analysis.
CGR-1:
Weakest level of Corporate Governance processes and practices overall, with
significant weaknesses in most of the major areas of analysis.
øe ∫É› …CG ‘ ∞©°†∏d á∏«∏b ¬LhCG óLƒJ ɪ«a ΩÉY ¬LƒH GóL ájƒb ájQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-9
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG
øe ∫É› …CG ‘ ∞©°†dG ¬LhCG ¢†©H óLƒJ ɪ«a ΩÉY ¬LƒH ájƒb ájQGOEG áHÉbQ äÉ°SQɇh äÉ«∏ªY :CGR-8
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG
‘ á¨dÉH ∞©°V ¬LhCG óLƒJ ɪ«a ΩÉY ¬LƒH ájQGOE’G áHÉbôdG äÉ°SQɇh äÉ«∏ªY øe iƒà°ùe ∞©°VCG :CGR-1
.ájQGOE’G áHÉbôdG π«∏ëàd á«°ù«FôdG ä’ÉéŸG º¶©e
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Corporate Governance Rating Scale and Definitions
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
Islamic International Rating Agency
7
8
Al-Zamil Tower, 7th Floor, Government Avenue, Manama 305, Bahrain
P. O. Box 20582, Manama, Bahrain
Tel: +973 17 211606 – Fax: +973 17 211605
Email: [email protected]
Website: www.iirating.com
øjô`` ` ` ëÑdG , 305 á`` eÉ``æŸG ,á`` `eƒ`µ◊G ´QÉ`` ` °T ,™`` `HÉ`` °ùdG Qhó`` `dG ,π`` ` `eGõdG êô`` `H
øjô`` ëÑdG ,á`` eÉæŸG ,20582 Ü.¢U
+973 17 211605 :¢ùcÉa - +973 17 211606 :¿ƒØ«∏J
All of the information contained herein is obtained by IIRA from sources believed to be accurate and reliable. IIRA does not
audit or verify the truth or accuracy of any such information. As a result, the information in this report is provided without
any representation or any warranty of any kind. IIRA’s ratings reflect IIRA’s opinion and are not a warranty of a rated entity’s
current or future ability to meet contractual obligations, nor are they a recommendation to buy, sell or hold any security.
á``dÉcƒdG Ωƒ``≤J ’ .É``¡«∏Y OÉ``ªàY’G ø`` µÁh á`` ≤«bO É`` ¡fCÉH ó``≤à©j QOÉ`` °üe øe ádÉ`` cƒdG πÑ`` b øe É``æg ádƒª``°ûŸG äÉ``eƒ∏©ŸG ™``«ªL ≈∏Y ∫ƒ`°ü◊G º`J
…CG ¿hó`` H Ωó`` `≤J ô`` `jô≤`` àdG Gò``g ‘ äÉ`` eƒ∏`` ©ŸG ¿EÉ` `a ∂dò`` `d á`` `é«àf .äÉ`` ` `eƒ∏©ŸG √ò`` g ø`` e …CG á`` bO ø`` `e hCG á`` `ë°U ø``e ≥≤`` ëàdG hCG ≥«bó``àH
âbƒ``dG ‘ É¡Ø«æ``°üJ iô`` `éj »``àdG á`` `¡÷G IQó`` `≤d É`` `fɪ°V ó`` ©J ’h á`` `dÉcƒdG …CGQ á`` ` dÉcƒdG äÉ`` Ø«æ°üJ ¢ù`` µ©J .´ƒ`` f …CG øe ¿É`` ª°V hCG QGô``bEG
.á`` «dÉe á`` bQh á`` jCG ∑Ó`` àeG hCG ™`` «H hCG AGô``°û``H á`` «°UƒJ π``ã“ ’ É``¡fCG É``ªc á`` jó``bÉ©àdG É``¡JÉ`` `eGõ`àdG á`` ¡LGƒe ≈`` ∏Y πÑ≤à`` °ùŸG hCG ô``°VÉ◊G
Islamic International Rating Agency
[email protected] :ÊhεdE’G ójÈdG
www.iirating.com :ÊhεdE’G ™bƒŸG
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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