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RAK decree on joint stock firms’ board election
DUBAI — His Highness Shaikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued an Emiri Decree on the election of boards members of joint stock companies licensed in the Emirate of RAK in accordance with governance rules and standards of institutional discipline in the state.
The Decree no. 19/2011 committed the joint stock companies licensed in Ras Al Khaimah with all decisions and instructions issued by the competent authorities on the governance regulations and standards of institutional discipline. The Chairman and members of the Board of Directors have to comply with these decisions and instruction. According to the decree, the companies licensed in Ras Al Khaimah shall announce the opening of nominations for membership of boards of directors in accordance with the provisions of Article 4 of the Ministerial Decree No. 84 /2010 and any amendment thereto.”
The decree also stipulated that the joint stock companies shall comply with providing the Department of Economic Development in RAK with a list of candidates for membership of the boards of directors in advance of their general assemblies. Meanwhile, the voting shall be limited to the list of candidates with the Department of Economic Development’s approval.
The decree stipulated that the licensed banks operating in the emirate shall provide the central bank with a list of candidates for membership of boards of directors in advance of the general assembly to obtain prior written consent on the names of candidates allowed to be nominated to the membership of the board of directors.
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