.jpg)
Mr. Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, stressed the importance of disclosure and transparency in the financial market and considered them a vital necessity on which investors build their investment decisions. Al-Mansoori depicted transparency and adequate disclosure as a key element in the success of any financial market to gain the confidence of both individuals and institutional investors.
During the meeting organized by Qatar Stock Exchange with the participation of representatives from the Qatar Financial Markets Authority (QFMA) and the Qatar Central Securities Depository (QCSD), and the presence of representatives from some listed companies; Mr. Al-Mansoori said in the opening speech that the companies listed on QSE have made great strides in the implementation of international standards in terms of disclosure and transparency and the development of dedicated Investor Relations (IR) departments and websites, noting that such measures have great impact on the companies' success in gaining investors' confidence and ensure healthy, transparent and fair trading environment.
Mr. Al-Mansoori thanked the QFMA and the QCSD for their participation in the meeting, highlighting the support of Qatar Stock Exchange to the companies in their efforts to develop the services provided to investors and inviting them to take advantage of modern technology of websites and social networks to gain access not only to their existing investors, but also to reach and attract new investors.
"What matters to investors primarily is the access to information, and the best way to do that is to invest in modern technology through developing the websites and social media outlets of listed companies in order to achieve their corporate objectives in the long term and enhance confidence in the financial market among the various categories of investors," Mr. Al-Mansoori stated.
Mr. Nasser Abdul Ghani, QSE's Market and Operations Control Director, also briefed the participants on the best disclosure practices and stated that the aim of the meeting is to promote cooperation and coordination between communication officers of the listed companies and the representatives of QFMA, QCSD, and QSE for the best interest of investors. The best way to reach this objective is through exchanging views and listening to suggestions from the participants in order to overcome the difficulties encountered in the application of the best disclosure practices in the market," Abdul Ghani added.
A QSE senior officer gave a presentation on some of the difficulties hindering the implementation of the best disclosure practices aiming to ensure the achievement of fairness and provides the appropriate information to investors in a timely manner. The common disclosure malpractices are:
- The failure of some companies to provide QSE with their information and press releases in Arabic and English at the same time, noting that some companies send their information via faxes while e-mail is the fastest way to disseminate such information for publishing on QSE website.
- The difficulty in contacting communication officials in some listed companies during and outside working hours to inquire about some material news and information.
- Lack of commitment by some companies to previously announced disclosure dates
- Inaccuracy, ambiguity and incompletion of some information such as the information related to financial statements, projects, acquisitions, and corporate activities that may impact the stock price in the market.
The QFMA representative responded to some queries from the communication officers representing the participating listed companies and listened to their recommendations and suggestions to promote the disclosure practices and strengthen cooperation among listed companies, the QFMA, the QCSD, and the QSE for the best interest of investors. The meeting was concluded with some recommendations that are in the interest of investors, the financial market and the national economy.
