“Governance is aimed at protecting shareholders while taking into account corporate interest by promoting transparency and fairness and making corporate boards accountable to shareholders", Dr. Obaid Al Zaabi
Dr. Obaid Saif Al Zaabi, CEO of the Securities and Commodities Authority (SCA), said that, under the patronage of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and SCA Board Chairman, the events organized as part of SCA's Governance Week have already kicked off. They include a set of initiatives and activities that aim to enhance awareness of governance, introduce governance principles, and explain the advantages that the sound application of governance controls brings to companies and their shareholders.
He added that the events will also include two workshops—one will be held on Tuesday in Dubai and will be attended by board members of public joint-stock companies and high-profile experts specialized in wise governance and its applications. Also attending will be H.E. Al Mansoori and a number of SCA board members. The other workshop will be held next Thursday in Abu Dhabi.
Dr. Al Zaabi said that “the governance controls SCA applies to public joint-stock companies—subject to the Board Decision No. (7/Chairman) of 2016 relating to Standards of Institutional Discipline and Governance of Public Joint-Stock Companies—aim to urge corporate boards to implement the principles of wise governance by promoting transparency and fairness and making boards accountable to shareholders, thus providing sufficient protection to all shareholders, limiting power abuse, and promoting investment, drawing on the key international standards and principles—developed by the Organization for Economic Cooperation and Development (OECD)—on the rules regulating corporate management. Such standards and principles provide an effective framework for corporate governance, shareholder rights, equality of treatment of shareholders, transparency, disclosure, board responsibilities, and the role of stakeholders or related parties". He added that SCA is currently working to develop corporate governance regulations—in accordance with the latest developments—and to bring them in line with the best international standards and practices in this regard. The regulations will cover the concepts of sustainability and social responsibility and environmental aspects".
The events held as part of this week will also include a competition on SCA's social media accounts. SCA will also post a governance awareness booklet on its website. A number of articles will be featured on newspapers and awareness messages will be posted on financial newspapers and SCA's website and social media accounts.
Dr. Al Zaabi concluded that during the Governance Week a number of educational publications on governance will be released and the winners of the best investor relations webpage will be announced.
