UAE authorities, financial markets and regulators discuss corporate governance with business, at a seminar aimed at improving listing requirements of UAE exchanges

The half day seminar, organised by the Dubai Ethics Resource Center (DERC), in association with key stakeholders including the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA), the Abu Dhabi Securities Market (ADSM), the Dubai Financial Market (DFM), the Dubai International Financial Exchange (DIFX), the Dubai International Financial Centre and CFA Emirates, was held under the patronage of Her Excellency Sheikha Lubna Al Qasimi, Minister of Economy and Planning.

The seminar, facilitated by Judge Mervyn King, head of South Africa's King Commission and author of the King Reports on corporate governance, initiated dialogue about the present levels of governance of UAE publicly traded companies and sought to foster a cross-sector partnership to promote high corporate governance standards.

Following welcoming remarks by Dr. Anwar Gargash, Chairman, Executive Committee, DERC; Abdulla Al Turifi, Chief Executive, SCA, delivered the seminar's keynote address on behalf of the Ministry of Economy and Planning. Seminar participants also heard from leaders of key stakeholder organisations including Dr. Omar bin Sulaiman, Director General, DIFC and Dr. Habib Al Mulla, Chairman, DFSA.

Guest speaker and seminar facilitator Judge Mervyn King of South Africa's King Commission on Corporate Governance followed with a presentation on the benefits of a consultative approach to corporate governance, drawing parallels with his experience of South Africa as a model for a national corporate governance initiative.

Commenting on the importance of the seminar in engaging the views of all stakeholders before proceeding with corporate governance reform, Dr. Omar bin Sulaiman said: "This is the first time the UAE's three financial exchanges, and associated regulators have shared a platform together. I think it demonstrates the strength of commitment we all share in supporting this important issue, and, in order to ensure we recognise the requirements of the local market we feel that constructive dialogue with relevant parties is an essential element in driving this agenda forward."

A two hour panel discussion provided attendees with a comprehensive overview of numerous stakeholder perspectives on the major corporate governance challenges facing publicly listed companies in the UAE and wider Gulf region. The panel, which opened to debate from the floor, was moderated by Judge King. Representation in this keynote discussion included specialist figures from the seminars associated stakeholders, as well as publicly listed companies from local exchanges. These included Emaar Properties PJSC, Abu Dhabi Ship Building PJSC and Daman Securities.

Commenting on the outcomes of the discussion, which were later summarised at the event by Mr. Alex Zalami, Executive Director, DERC, Mr. Abdulla Al Turifi said: 'I think everyone has benefited from this informative forum. We would like to thank Judge King for sharing his expertise and useful lessons from South Africa, with us here in the UAE. Some useful insights have been made and this consultative approach will assist attendees in prioritising the areas for reform. The seminar has helped us take a great step forward in recognising our joint responsibility to improving the corporate governance standards within the UAE."

Supporting this view, Dr. Habib Al Mulla, said: 'I hope that the momentum created today is nurtured and acted upon, as one of the many stakeholders in the UAE's multi-institutional financial market place we recognise that it will be through this tradition of working together that we will best be able to improve the standards of the nation's markets to meet those of the primary international financial centres."

The recommendations from the session will be made available on DERC's website shortly.