Shareholders of Emaar Properties yesterday approved a resolution to allow foreigners to become board members — a shift in its corporate policy that analysts say reflects its readiness to strengthen corporate governance.
The new articles stipulate that a majority of board members will be Emiratis. It is, however, unclear how many foreigners will be inducted onto the board.
"Legally it was possible even earlier. However, with the resolution, it means that the company is ready to take corporate governance to the next level," said investment adviser Raju Menon, managing partner of Morison Menon Chartered Accountant.
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