It is now established practice for regulated markets to require companies listed to disclose or comply with some form of Code of Corporate Governance, the official said.
As part of its "Best practices" programme, Abu Dhabi Securities Market, or ADSM, will include in its listing rules those international accepted mandatory requirements which all companies must follow, and which are not yet present or covered in the UAE law.
To minimise the impacts on companies, the ADSM plans to introduce the requirements in stages. Essential elements of the proposed rules are improved disclosures, mandatory audit committees, enhanced shareholder rights, and provision to improve liquidity.
The ADSM has also produced a governance code for those companies, who wish to be seen as going further and adopting international "Best practices" in their corporate governance and disclosures.
The ADSM will be actively identifying and branding companies, who follow the code's best practices, helping investors and shareholders to judge the company on its governance performance on the basis of the information disclosed.
The stock market has had the proposed rules and code independently reviewed and received assurance that they reasonably represent leading global practice adapted to local market conditions and maturity level.
The ADSM has written to listed companies for their comments on the proposals and has released them publicly on its web site www.adsm.ae for comment by interested parties.
Comments on the proposals are request before the end of October and may be sent to firstname.lastname@example.org.
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