Abu Dhabi: In a new step to affirm its supervisory grip, the Emirates Securities and Commodities Authority (Esca) announced yesterday a new draft corporate governance bill.
The draft, published on the authority's web-site, details all Esca's requirements related to the application of higher corporate governance standards by the public listed companies.
"This is not a federal law, it is rather new regulations by the authority, and is intended to ensure better corporate governance, and more strict supervision for the companies listed on the stock markets," an Esca official told Gulf News yesterday.
The new regulations specify in details all the aspects related to the management of the company such as the responsibilities of the chairman and members of the board and their rewards, as well the other issues related to internal audit, committees, supervision, and company information relevant for shareholders.
The draft can be found on Esca's official web-site, while feedback can be sent to firstname.lastname@example.org.