Listed companies in the UAE will face fines or suspension from stock exchanges in the event of repeated violations of corporate governance code, newly amended rules announced on Tuesday reveal.
The amended rules will give more responsibilities to each company’s board of directors, which will then need to check every business transaction valued at Dh5 million or more to ensure greater transparency.
The amendments on rules and regulations of corporate governance and institutional code of conduct were issued on Tuesday by Sultan bin Saeed Al Mansouri, Minister of Economy, who is also the Chairman of the Securities and Commodities Authority, or SCA.
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