|19 August, 2019

Dubai Financial Market instils good corporate governance through partnership with Hawkamah

Majority of boards of DFM-listed companies have been briefed on corporate governance

Dubai: In line with its focus on enhancing sustainability and promoting Environmental, Social and Governance best practices among listed companies and other stakeholders, Dubai Financial Market (DFM) has successfully contributed to the improvement of corporate governance practices in the United Arab Emirates through its partnership with the Hawkamah Institute for Corporate Governance. In 2017, DFM and Hawkamah signed an agreement to collaborate towards corporate sector reform in Dubai and the UAE through improving governance practices of listed companies. Hawkamah has since then trained over 100 Company Secretaries, and briefed the boards of more than 65% of DFM-listed companies on the role of boards in driving good corporate governance.

H.E. Essa Kazim, Chairman of the Dubai Financial Market, said, “Sustainability and good governance are central to our vision. The DFM continues to adopt best practices to ensure that good governance is instilled in our listed companies and within the DFM itself. Our cooperation with Hawkamah has proven successful in terms of improving corporate governance practices at DFM-listed companies.”

Corporate governance is an important source of competitiveness, while sustainability ensures positive contributions to societies at large. When it comes to sustainability and governance, it is the tone at the top that makes all the difference. Boards of directors are therefore at the heart of governance. Company Secretaries play a vital role in ensuring that Boards operate efficiently and effectively, you cannot have a good board with poor-performing company secretary. There is enough evidence to prove that it is challenging to find qualified board members and Company Secretaries in the region. Therefore, Hawkamah took on the assignment of training company secretaries and offering Director Development Programs to prepare new directors for companies as well as organizing special sessions for existing board members.

H.E. Dr Ahmad El Sheikh, Chairman of the Hawkamah Institute for Corporate Governance, affirmed, “With the cooperation of DFM, we have made significant strides in terms of advancing the standards of good governance in the UAE, we have trained more boards and graduated more qualified company secretaries. Since its establishment, the Institute has trained more than 1,800 directors and over 200 Company Secretaries. We look forward to continued collaboration to promote corporate and government sectors’ reform.”

In addition to briefing boards about good corporate governance practices as one of the Institute’s advisory services, Hawkamah launched a Foundation Program for Chartered Governance Professionals with ICSA: The Governance Institute of the UK. The program helps companies prepare the second generation of governance experts and professional company secretaries.

--ENDS--

About Dubai Financial Market
Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company and its shares were listed on 7 March 2007 with the trading symbol (DFM). . Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae 

About Hawkamah
Since its establishment in 2006, the Hawkamah Institute for Corporate Governance has led the way to better corporate governance in the Middle East and Africa.

The Institute was originally founded as a ‘think-and-do tank’ to research, advocate, advance and develop good governance practices in the region by providing regulators, companies and organisations with practical tools to improve corporate governance. Corporate governance refers to the mechanisms and processes that a company’s leadership employs to guide the organisation. Hawkamah’s mission is to promote corporate sector reform and good governance by assisting regional countries and companies with the process of developing and implementing good and sustainable corporate governance policies, strategies and practices that enhance value creation.

https://www.hawkamah.org/ 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases