The Capital Markets Authority Announces the Names of the Top Ten Companies who Complied with Submitting the Governance Reports
Kuwait Business Town Company of the first ten companies committed to corporate governance rules and submits the required reports from the CMA
Kuwait, September 20, 2016 – In line with CMA’s endeavor to apply the Corporate Governance Regulations which came into force on 30/6/2016, the CMA announces the results of the companies’ compliance regarding the implementation of such rules, in particular their compliance with submitting a report within 10 days after the date of the implementation of the rules, which evidences the implementation of the regulations or explains the reasons of noncompliance.
The results showed that 203 companies have submitted the required report within the given period out of 233, which is over 87%. A total of 67 companies have fulfilled all the requirements of the report according to CMA forms. However, such forms were returned to 126 companies in order to apply the CMA’s remarks. The CMA is also revising 10 forms of other companies to give its opinion regarding approving them.
It is worth mentioning that the CMA has adopted a comprehensive electronic system to receive the reports through its Electronic Portal to ensure the effectiveness of the implementation, the confidentiality of the information and to handle them according to best international practice.
Moreover, the CMA would like to praise all the companies that submitted the required report within the given period, in particular the top ten in fulfilling the required information.
At the end, the CMA encourages all companies concerned with the implementation of the Corporate Governance Regulations to fully comply with the Regulation, not only because they are part of Law No. 7 of 2010, but also due to the benefits they bring to the company and its shareholders.