Downward corrections in GCC stock markets and increased corporate activity by regional companies in Western markets are driving improvements in corporate governance standards, according to a report released yesterday by Hawkamah, the Institute for Corporate Governance, and the Institute of International Finance (IIF).
The report comes at a time when the GCC corporations have conducted $25.9 billion of acquisitions in the UK, Europe and North America so far this year. This trend is expected to continue as the private sector in the GCC continues to expand through the acquisition of foreign assets.
The report is part of a strategy toward the harmonisation of corporate governance standards in the GCC and their alignment with international best practice.
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