Corporate governance standards in the six GCC countries are poor and the region generally complies with only half the internationally accepted best practice codes, a report said yesterday.
But regional regulators are pushing reforms to lift standards, aided by the sharp downturn in regional equity markets, the survey by DIFC's The Institute for Corporate Governance and the Washington-based Institute of International Finance, said.
In the UAE, the market regulator Securities and Commodities Authority is drafting a code for all listed companies while the Abu Dhabi Securities Market has already issued one. The Dubai Financial Market is also drafting a code. The UAE Ministry of Economy will also introduce a corporate governance code in its new company law.
Gulfnews: Gulf suffers from poor corporate governance
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