Abu Dhabi: As part of its ongoing efforts to introduce the latest developments in corporate governance and their implementation in listed companies, Abu Dhabi Securities Exchange (ADX), the region's leading financial market, recently held a workshop on Corporate Governance and Board of Directors’ Role at its headquarters. Senior executives from relevant departments responsible for the application of corporate governance in public shareholding companies listed on the Exchange attended the workshop.
The workshop also gave a detailed explanation of the most important amendments to the recent governance decision issued by The Chairman of the Securities and Commodities Authority (SCA) Board of Directors' Resolution No. (3/ R.M) of 2019 which made amendments to The Chairman of the Securities and Commodities Authority (SCA) Board of Directors' Resolution No. (7 R.M) of 2016 Concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies
Also discussed at the workshop were the Organization of Economic Cooperation and Development (OECD)’s six principles in corporate governance, which focus on ensuring the basis of an effective corporate governance framework, the rights of shareholders and key ownership functions, the equitable treatment of shareholders, the role of stakeholders in corporate governance, as well as disclosure and transparency.
H.E. Khalifa Salem Al Mansouri, Acting Chief Executive of ADX stressed the Exchange’s keenness to support and assist listed companies to adhere to the principles of corporate governance that are in line with the OECD principles of corporate governance.
"The workshop provides the ideal platform to meet with listed companies, share ideas and consolidate best practices to implement the highest standards of governance, which is in adherence with the market’s strategy aimed at reiterating its leading position in the region.
H.E. added: “ADX is continually seeking ways to develop all aspects of the Exchange to enhance the investors’ confidence and to ensure fairness, transparency and disclosure. The Exchange is keen to help spread awareness among listed companies on applying The Chairman of the Securities and Commodities Authority (SCA) Board of Directors' Resolution No. (7 R.M) of 2016 Concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies , which sets out the key controls that corporate boards must adhere to in corporate governance in line with international best practices."
The idea behind corporate governance is to provide companies with an integrated financial and non-financial control system designed to manage and control corporate governance. Corporate governance provides the first line of defence that prevents companies from going into crisis, while helping crisis companies recover and reduce damage.
ADX continually encourages and educates listed companies to adhere to the legal and institutional framework of corporate governance principles, in order to achieve fairness, competitiveness and transparency in the market and the business environment in the emirate as a whole. ADX plans to hold further awareness workshops for all listed companies in 2019.
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange-traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
In 2014, ADX was upgraded to ‘Emerging Market’ status by both MSCI and S&P Dow Jones. ADX was already classified as an Emerging Market by FTSE in 2009 and in 2011 by S&P and Russell Investments.
For more information, please contact:
Mobile No.: +971502731753
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Tel: 00971 (2) 6128774
Mobile: 00971 (50) 6689733
© Press Release 2019