UAE regulator to enforce corporate governance training

02 February 2009

The UAE’s capital markets regulator is to make companies on the Abu Dhabi Securities Exchange and the Dubai Financial Market attend training sessions on its new corporate governance rules, which come into force in April 2010.

The Emirates Securities & Commodities Authority (Esca) insists that all listed companies send managers to its courses, which start in March, so they can comply with the regulations by the 2010 deadline.

The regulator launched its corporate governance code in May 2007, and gave listed companies three years to comply with the rules.

The rulebook will greatly increase the amount of information that companies have to disclose.

“We did not ask the companies to apply the code in one time. We gave them three years. It is being gradually implemented in the market,” says a spokesman for Esca.

On 29 January, Esca called on companies to disclose details of any positions in derivatives or real estate investments in their financial results for the fourth quarter of 2008.

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