Gulf regulators mull tighter governance

Regulators in the Gulf Arab region -- hit by a number of corporate scandals -- are pushing for stricter corporate governance standards in the banking industry, an expert said on Tuesday.

Kuwait, Saudi Arabia and Oman are pressing for stricter enforcement of existing corporate governance guidelines, according to Nikolai Nadal, director at thinktank Hawkamah Institute of Corporate Governance, which is working with authorities to improve governance standards.

Calls for improvement in standards come as a number of scandals involving lawsuits in the broader corporate sector hit the region since the credit crisis.