The Middle East Investor Relations Association (MEIRA) and the Beirut Stock Exchange (BSE) signed a Memorandum of Understanding (MOU) on Friday 26 May, marking the launch of increased collaboration between the two organisations in promoting best practice in Investor Relations (IR) in Lebanon.
The signing ceremony took place at the BSE headquarters and was inaugurated by Ghaleb Mahmassani, BSE Acting Chairman, followed by Sami Saliba, Capital Market Authority Vice-Chairman, who gave a keynote speech on the regulatory landscape in Lebanon.
Commenting on the agreement, Mahmassani said: “The missions of the Beirut Stock Exchange have always been to develop the financial markets in Lebanon, to protect investors’ interests, promote transparency and to raise a culture of effective communication between all stakeholders in the Lebanese Financial Market. By signing this agreement with a prestigious association that shares the same objectives and interests, the Beirut Stock Exchange aims to take Investor Relations practice a step further in order to share the latest views in this topic and deploy best practices in IR activities in Lebanon”.
Alex MacDonald-Vitale, MEIRA Chairman, and Clemence Piot, MEIRA General Manager, stressed the growing importance of the IR function in listed companies across the Middle East and perspectives in a global context. Alex MacDonald-Vitale added: “Lebanon has a long and venerable history in the financial services sector, for many years leading the way in banking and investment. The signing of this agreement with the Beirut Stock Exchange marks an important step in our ongoing commitment to fostering support for Investor Relations and market development across the Middle East. We look forward to working with the CMA and BSE as they further enhance engagement capabilities with local, regional and international investors.”
MEIRA is a non-profit organisation committed to promoting best practice in Investor Relations throughout the Middle East. This new agreement will bring more opportunities for MEIRA to deliver value to its members in Lebanon, including specialist workshops, seminars and offering of the Certified Investor Relations Officer (CIRO) Programme.
Sana Sabra, Head of Investor Relations at Bank Audi, and Alexandre Mouradian, Head of Investor Relations at BLOM Bank, were also present at the event and illustrated how the IR function has evolved in their respective companies, while Yasser Akkaoui, CEO of Capital Concept, stressed the importance of transparency and corporate governance within the Lebanese market.
MacDonald-Vitale and Mahmassani concluded the event with the official signing of the MOU. Through this agreement, both entities agreed to cooperate to promote the IR profession in Lebanon, and to establish more effective communication between listed companies, the exchange, regulators, advisers and the buy and sell side communities.