A lack of clear legislation demanding greater disclosure is the biggest obstacle to greater transparency from publicly listed companies in the region, a seminar of investor relations professionals in Abu Dhabi has concluded.
While low levels of foreign share ownership in the GCC, management resistance and time were also cited as obstacles, regulation obligating companies to adopt greater disclosure policies would be the main driver for greater transparency from listed firms in the Gulf.
“In the aftermath of the financial crisis, investors are insisting on greater levels of disclosure and transparency before committing further funds to this region,” said Nicholas Lunt, Managing Director of M: Communications in Dubai and the organiser of the “Success in Digital Investor Relations” seminar held at Al Raha Beach Hotel on 13 December.
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