Abu Dhabi to Implement Corporate Governance Code by 2010
ABU DHABI - Abu Dhabi is making elaborate efforts to ensure that public sector companies implement the corporate governance code by 2010, the Director-General of the Abu Dhabi Centre for Corporate Governance, or ADCCG, Khalid Deeb, has said.
“Abu Dhabi government had issued the guidelines in 2007 and had given three years time for the public sector companies to implement them. They are expected to implement it by April next year. Emirates Securities & Commodities Authority (ESCA) is monitoring the implementation of the guidelines, “ Khalid told Khaleej Times here.
He disclosed that almost all the public sector companies in the emirate have made significant strides in implementing the various aspects of the guidelines like amending the articles of association, forming the relevant committees at the board levels, and putting systems in place for ushering in transparency and proper reporting of the results of the company.
The guidelines have been evolved as per framework set out by the Organisation for Economic Co-operation and Development, and by adopting the best practices internationally. Appropriate clauses have been introduced to take into account of the local systems and practices as well, Khalid said.
The guidelines will primarily protect the interests of investors who can be assured that their money is being managed professionally-competent people in a transparent and efficient ways. The companies will also be in advantage in that they can get easy credit facilities from the funding institutions as well as good response from stock markets.
Asked whether any punishment was being planned for the companies who fail to implement the guidelines by April next, he said “ESCA will decide this as per the stock market rules.”
The First Abu Dhabi Corporate Governance Conference was organised today by ADCCG on Wednesday last to evaluate the progress achieved in implementing the guidelines under the auspices of Sultan bin Saeed Al Mansouri, the UAE Minister of Economy.
The one-day annual conference was attended by various heads of Government entities, business leaders, board members, CEOs, top senior executives and academicians.The conference explored various angles of Corporate Governance, including legal and economic issues and the possible challenges of implementation.
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