The UAE will soon introduce a code of corporate governance which all listed companies on the local securities markets will have to comply with, according to the Ministry of Economy and Planning.
The law, which seeks to enhance corporate governance standards to enable increased domestic and foreign investment, is now in its draft stage. Expected to be introduced within months, the code will incorporate several key guidelines that will help accelerate the pace of economic development, said Abdulla Al Turaifi, Chief Executive, Securities and Commodities Authority.
Al Turaifi, delivering a keynote address on behalf of Shaikha Lubna Al Qassimi, UAE Minister of Economy and Planning, said corporate governance and associated issues — shareholder's rights, management responsibilities, conflict of interest and transaction transparency — "are crucial to the development of functioning markets in the UAE that are linked to, and realise the benefits of the global marketplace."
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Also see UAE plans code of corporate governance for listed firms
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