Title: Press Release: The Capital Markets Authority Obtains First Place for the Third Consecutive Year in Meeting the Requirements of Governance for Public and Corporate Sectors

Kuwait City, December 6, 2022 - The State Audit Bureau's report was issued on the results of the review of budgets implementation of entities subject to its supervision and their final accounts for the financial year 2021/2022. It includes in Chapter Ten (Supervisory Topics) the order of the entities subject to supervision in terms of meeting the requirements of governance and its percentage.
For the third consecutive year, the CMA ranked first of the 16 entities with independent budgets, with a fulfillment rate of 95.4%. The State Audit Bureau reviewed and analyzed the results of the study on the extent of commitment of government agencies covered by the Start Audit Bureau supervision to attain the requirements of governance.
Governance is a requirement for ensuring the development of the government sector and making coherent decisions that would take into account the requirements of stakeholders. Developing and integrating work systems while defining responsibilities and authorities with the right implementation shall set the fundamentals for governance, and promote transparency and integrity at all levels in the government sector.
The principles of governance are among the most important principles that reinforce good governance of any country in the world. As such, governance in the public sector in the State of Kuwait has become of great importance in achieving a distinct reality in society. Kuwait Vision 2035 included adopting a comprehensive and effective governance system for the public sector at all levels. Therefore, the CMA started by implementing governance rules on itself, as done in corporate governance, and suitable with its being a government institution. The CMA has continued to apply a policy of full disclosure to its commissioners and employees to prevent conflicts of interest and the exploitation of inside information to achieve best protection and balance between work performance and people’s interests associated with it, in order to add reassurance and enhance the feeling of confidence in dealing with others when it performs supervision.
The CMA would like to thank everyone who contributed to this achievement for their planned and organized effort according to the highest standards of performance. The CMA affirms its commitment in maintaining its position as a good example to be followed.

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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