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UAE steps up corp gov measures

Monday 8 November 2010 - by Nicola York

The United Arab Emirates has enhanced corporate governance procedures for public joint stock companies in a bid to boost the development of securities markets in the country.

At present 81 companies are subject to a 2009 decree on corporate governance and institutional discipline standards and so far 71 of these have fulfilled the measures.

The Emirates Securities and Commodities Authority requires companies to report to it on how it has adhered to these requirements which aim to enhance disclosure and transparency procedures.

It says: "The SCA is following closely the level of compliance with the corporate governance and institutional discipline standards, jointly keeping an eagle eye on the issue with the office of the Prime Minister.



"A team of experts from the SCA will soon embark upon a field visit to the concerned companies to have first hand information about the level of compliance and implementation of the rules, particularly those related to internal supervision and working mechanisms of board committees and other issues related to corporate governance."



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