90 public shareholding companies are required to implement governance controls during 2018

Reporter

The number of companies required to implement the decision of the Chairman of the Board of Directors of the Securities and Commodities Authority (SCA) on the standards of institutional discipline and corporate governance of public shareholding companies reached 90 companies during the year 2018, out of the total number of companies listed on the stock markets. Banks, banks and companies licensed by the Central Bank as well as foreign companies to implement the provisions of this resolution.

A total of 89 companies issued a corporate governance report and only one company reported the report in 2018 as it was established at the end of 2017.

The total number of companies that have committed to providing the Authority with the requirements of implementing the rules of governance / partial and partial / 90 companies by 100%. The companies that have committed to provide the Authority with the requirements to implement the rules of governance in full, the number of 87 companies by 96.7% Committed to provide the Commission with the requirements to implement the governance controls in part 3 companies and by 3.33%.

In 2016, the TRA made some amendments to the provisions of Ministerial Decision No. 518 of 2009 on the rules of corporate governance and the standards of institutional discipline and its amendments. It was replaced by the decision of the Chairman of the Board on the standards of institutional discipline and the governance of public shareholding companies. Participating in the meetings of the Board of Directors through means of modern technology, and controls the conclusion of transactions with related parties.

The amendments also included the preparation of a record of the insiders regarding the transactions of the board members and their employees in securities, in addition to the provisions and controls of conflict of interest in public shareholding companies, the provisions of the annual general assembly of public shareholding companies and the special resolutions issued therefrom and the necessary controls to ensure shareholders’ exercise of their rights and the controls of investor relations in joint stock companies the public.

Credit : http://wam.ae/ar/details/1395302774112

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