Title: Press Release: Regarding the Invitation to Participate in the Opinion Poll on the Experience of Implementing the General Assemblies’ Participation Mechanism Enhancement Project - Phase One -

Kuwait, July 3, 2022 - Within the framework of the Capital Markets Authority’s (CMA) pursuit to adopt and implement the best international practice for developing the financial markets in the State of Kuwait, and CMA’s continuous work to improve and develop the provisions of the Executive Bylaws regarding listed companies, which aim to provide protection for investors in the market and enable shareholders – of all categories - to exercise their rights in making decisions related to the company, the CMA has issued on 01/09/2022 Resolution No. (139) of 2022 regarding the implementation of the first phase of the project of enhancing the mechanism of participation in the general assemblies of listed companies in cooperation with Kuwait Clearing Company in its capacity as the central depository of securities.

The CMA also issued Circular No. (3) of 2023 to all listed companies regarding the impact of official holidays on the time periods specified in the resolution. The circular specified the procedures to be followed for each case, with the aim of forming a clear reference to be followed by listed companies in the event that some holidays overlap with the schedule resulting from determining the date of convening the General Assembly.

The CMA is currently preparing to implement the second phase of this project. The second phase of the project aims to develop rules and provisions for holding general assemblies of listed companies, develop the electronic participation system prepared by Kuwait Clearing Company, and improve positive interaction between shareholders and shareholding companies to serve the public interest.

And as part of CMA’s role stipulated in Law No. 7 of 2010 and its Executive Bylaws, and with the aim of coordination and follow-up with the concerned authorities and companies listed on the securities exchange, and to ensure the implementation of the aforementioned resolution, the Capital Markets Authority invites the listed companies and their esteemed shareholders to participate in the opinion poll published on the CMA’s website and answer some questions related to the experience of implementing the first phase of the project to enhance the mechanism of participation in general assemblies, through the link shown below:

https://www.cma.gov.kw/ar/web/cma/market-regulation

The CMA notes that the last day to participate in the opinion poll is Monday, 31/07/2023.

Ends-
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.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw