Mon 12-06-2017 17:44 PM
ABU DHABI, 12th June, 2017 (WAM) -- A total of 86 joint stock companies have either totally or partially complied to the corporate discipline and governance standards set by the Securities and Commodities Authority, SCA, accounting for 98.5 percent of the firms subject to the Authority's governance rules and regulations.
A total of 87 companies are subject to SCA's resolution on corporate discipline and governance standards, after excluding the investment, banking financing and listed foreign firms following the SCA's decision in this regard.
According to SCA figures, 81 companies have totally met SCA's governance requirements, accounting for 93.10 percent of the companies subject to the SCA's mandate, while five companies partially met the standards, or 5.75 percent, therefore leaving only one company failing to fulfill the needed requirements.
SCA issued in 2016 a resolution concerning Corporate Discipline and Governance Standards of Public Joint Stock Companies in order to list a set of new corporate governance rules in accordance with, and to adhere to, the Federal Law No. 2 of 2015 on Commercial Companies, and repeal the UAE Ministerial Resolution No. 518 of 2009 concerning governance rules and corporate discipline standards.