Dubai: draft corporate governance code for developers

Dubai's Real Estate Regulatory Agency, working with Hawkamah, has published for comment a draft corporate governance code for developers: see here (pdf). The code applies to developers and sub-developers licensed by the Real Estate Regulatory Agency and operates on the basis of 'comply or explain'.

UAE: Cabinet approves draft of new companies legislation

The Cabinet has approved a draft of new companies legislation which, if enacted, will herald significant change: see here. For media comment see here and here.

ECGI codes and principles directory: recent additions

The codes and principles directory maintained by the European Corporate Governance Institute has been updated this month to include codes for the following countries (click the country name to go the relevant directory page): Guernsey | Jordan | Mongolia | Taiwan | UAE |

UAE: Dubai: Corporate Governance Code for SMEs

The Department of Economic Development, in conjunction with Hawkamah, has published a corporate governance code for small and medium sized enterprises: see here (pdf). The code is voluntary and contains nine pillars or principles. Pillar one provides, for example, "Adopt a formal corporate governance framework outlining the roles of the key bodies such as partners, shareholders, board of directors and management". The Code is organised into the following sections: policies and procedures; transparency and shareholder relations; board of directors; control environment (internal controls, audit and risk management); stakeholder relations; and family governance.

For the purposes of the Code, an SME is defined as one with a turnover of less than 250 million UAE dirhams and with fewer than 250 employees.

UAE: codes from the Central Bank and from the Emirates Securities and Commodities Authority

The codes directory maintained by the European Corporate Governance Institute has been updated to include a copy of the corporate governance code for joint stock companies published by the Emirates Securities and Commodities Authority. Also, last month the Central Bank of the United Arab Emirates published a revised draft of its corporate governance guidelines for bank directors.