Corporate governance cannot be a one-way street | GulfNews.com

Corporate governance cannot be a one-way street | GulfNews.com:

"Since 2008, corporate governance has received an increasingly higher profile in global businesses. In April, a report by the Red Flag Group, a compliance consultancy, criticised the corporate governance procedures of UAE companies, suggesting that Dubai- and Abu Dhabi-listed companies were still operating to a ‘box-ticking’ model of corporate governance.
But there have been indications that this is a priority for the government; recent initiatives to develop anti-bribery and corruption legislation, as well as proposed changes to foreign company ownership, suggest recognition at the highest levels of the importance of corporate governance. This is sound policy; international trade and finance hubs such as the UAE need to command the trust and confidence of many diverse regions if they are to attract trade and investment.
Whilst globalisation has meant that companies, markets and ways of doing business have changes, contemporary thinking on corporate governance has not necessarily evolved at the same rate. Therefore the frameworks which guide how companies function are not always attuned to the environments in which they operate."

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