The guide draft of IFSC is a fundamental response to the activation of corporate governance in Iraqi Tourism companies

Abstract

Corporate governance is the way of progress for individuals, institutions and society as a whole. The mechanisms of corporate governance provide individuals with an appropriate amount of assurance to achieve reasonable profitability for their investments while at the same time working on the efficiency and soundness of institutions' performance. Thus, it supports the stability and progress of financial markets, economies and societies. The study aims to shed light on the principles of corporate governance guide draft issued by the Iraqi Financial Securities Commission (IFSC) to show their strengths and shortcomings in comparison to the principles of the Organization for Economic Cooperation and Development (OECD) on governance. The research method included a comparison of the principles of OECD and IFSC and data collected from a sample of Iraqi Tourism to show the application level of the principles of corporate governance in these Tourism. The research concluded that the guide draft of the principles of corporate governance prepared by IFSC was considered a serious attempt to deepen the concept of institutional governance and mechanisms to practically apply this concept in the Iraqi companies. The research also revealed a high level in the application of corporate governance principles by most Iraqi Tourism.

Keywords

• tourism
• corporate governance
• tourism regulation
• board of directors
• shareholders' rights
• investor protection
• agency problems