PHOTO
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
During the workshop the concept and principles of corporate governance, the reasons behind its emergence and its growing importance amongst companies and investors, as well as the expansion of the concept of a free market economy worldwide were discussed. The discussions focused on the benefits of implementing the principles of corporate governance in listed companies and their positive impact on enhancing the efficiency of the economy, bolstering the stability of financial markets, achieving transparency, attracting internal and external investments, and creating a business environment that enables companies achieve better performance and returns and protect the shareholders’ investments.
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.
-Ends-
About ADX:
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:
Mary Khamasmieh
Weber Shandwick
Mobile No.: +971502731753
e-mail: MKhamasmieh@webershandwick.com
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Tel: 00971 (2) 6128774
Mobile: 00971 (50) 6689733
Email: ALKhateebA@adx.ae
© Press Release 2019Disclaimer: 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.
