Dr. Obaid Al Zaabi Is Named Vice Chairman of IOSCO's GEMC and Co-Chair of OECD's MENA Working Group on Corporate Governance
At its meeting chaired by H.E. Eng. Sultan bin Saeed Al Mansoori, the board of the Securities and Commodities Authority (SCA) reviewed a report about SCA becoming a board member of the International Organization of Securities Commissions (IOSCO) from 2018 to 2020.
Winning membership in IOSCO—a global standard setter for the securities sector—follows its announcement that Dr. Obaid Al Zaabi, CEO of SCA, was named Vice Chairman of IOSCO's Growth and Emerging Markets Committee (GEMC), which has 90 Ordinary Members and 20 Affiliate Members.
Dr. Al Zaabi was also named Co-Chair of the MENA Working Group on Corporate Governance, established by the Organization for Economic Co-operation and Development (OECD).
Commenting on becoming an IOSCO board member, Dr. Al Zaabi said that winning IOSCO's membership reflects IOSCO's admiration for the UAE and its wise leadership and is the result of SCA's relentless efforts and remarkable performance. He added that this is the first time SCA is elected to a key position within IOSCO's largest committee and has subsequently become an IOSCO board member. Dr. Al Zaabi further explained that SCA has put together an integrated plan aimed to enhance IOSCO's role and achieve its objectives. He said that this is a great opportunity for SCA to coordinate with counterparts on capital market development and to highlight its initiatives through its active involvement in IOSCO's and GEMC's projects. IOSCO's membership regulates more than 95% of the world's securities markets in more than 115 jurisdictions.
It is worth mentioning that a SCA delegation, led by Dr. Al Zaabi, participated in the proceedings of IOSCO's 43rd Annual Conference convened in Budapest, Hungary.