Governance upgrade a work in progress - The National Newspaper

Many publicly listed companies are still working towards compliance with the UAE’s new corporate governance regulations even after the May 1 deadline.

The new rules, which were announced three years ago, require the companies to create an internal control system to safeguard shareholder rights, improve transparency and specify the duties of boards of directors.

The rules are enforced by the Emirates Securities and Commodities Authority (SCA), which is working with companies and allowing a grace period to help them comply, said Tarik el Bakri, a partner at Hadef and Partners, a law firm in Abu Dhabi.