ADSM to call for improved corporate governance standards in the GCC
Rashed Al Baloushi, Acting Director General of Abu Dhabi Securities Market, will tackle the issue of corporate governance standards in the GCC region when he addresses the 4th GCC Stock Market Summit (in Dubai, on Sunday 17th September 2006).
He will talk about ADSM’s experience and international best practices programme, encouraging GCC markets to adopt internationally recognised corporate governance standards. This is the latest in a number of initiatives from ADSM to bring more foreign investors and international companies into the UAE financial markets.
“For the last two years, ADSM has been working with our listed companies and others, through a consultation process, to write a proposed corporate governance code for the UAE”, said Mr Al Baloushi.
He went on to explain that: “We began this process because we believe that everyone benefits if stock markets and listed companies maintain the highest levels of international best practice and standards.
“Not only can good corporate governance improve shareholder value, but it can also have a positive impact on the regard in which the rest of the business community views companies and markets in our region.
Mr Al Baloushi will share ADSM’s experience and call for corporate governance codes to be implemented in the UAE and across the GCC region. He will say that events and initiatives in one GCC country can impact the whole region.
Since the end of 2001 the number of listed companies on ADSM has grown fourfold; there are now nearly six times as many brokerage firms; market capitalisation is 20 times higher - ADSM is the largest international exchange in the UAE in terms of market capitalisation; there are 50 times as many shareholders registered and ADSM is a model emiratisation employer with UAE nationals making up about 74% of the team head count.