The Federal National Council (FNC) on Wednesday continued its debate on the long-awaited company law with its draft deferred for the next session again for further discussion and approval.
The council has been discussing the 383-artcile draft law for the last two weeks consecutively. On Wednesday, the House completed its general discussion on 377 articles. However, the draft was deferred for the next session to closely examine the clauses and technical wordings of the approved articles as well as discuss the remaining articles.
The bill has been drafted to regulate establishment, management and governing of private companies in the country in a way that they serve the national economy.
The FNC discussed the draft during last week’s sessions on Tuesday and Wednesday, and this week again without reaching a conclusion.
Wednesday’s session, chaired by Speaker Mohammed Ahmed Al Murr and attended by Sultan Saeed Al Mansouri, Minister of Economy, and senior officials from the ministry, continued for almost the whole day.
Members raised several questions on several articles and clauses and suggested amendments before the draft was sent to the Cabinet for its approval to become a law.
One of the most important articles refers to the requirement of private companies to employ a greater number of Emiratis. Among them was an article that stipulates that the company boards must have 50 per cent Emirati members.
According to the article, if the number of Emiratis on the board is below this, the company
concerned will be asked to appoint more of them within three months to meet the required number.