As part of its efforts to improve the governance of joint-stock companies in line with the best international standards and practices to ensure the protection of the rights of stakeholders, the Securities and Commodities Authority (SCA)—following its usual approach of seeking input from its partners in the financial industry before finalizing new regulations—published on its website, www.sca.gov.ae, a draft decision (no. 3 of 2020) modifying its guide on the governance of public joint-stock companies.
SCA invited all relevant parties in the UAE financial markets, including representatives from joint-stock companies and different market participants, such as investors, brokers, financial analysts, scholars, media personnel, and others to review the draft guide and provide their input no later than July 27. Their input and insights will be taken into consideration when arriving at the final version of the guide.
Corporate governance is the process through which companies are directed and controlled. It contains a set of rules and controls established to ensure corporate discipline in relationships and management. The corporate governance framework is developed in line with international standards; it defines the responsibilities and duties of board members and the executive management. It protects and facilitates the exercise of the rights of shareholders and stakeholders to promote corporate sustainability.
The draft version published on the website is preliminary as some of its provisions may be amended upon finalization. The SCA welcomes input and comments by email at email@example.com.
To access the draft decision, click the following link: kindly press here