CmaBoardReleases
Title: The Capital Markets Authority Announces the Names of the Top Ten Companies who Complied with Submitting the Governance Reports
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, and they are as follows:
• Salhia Real Estate Co.
• KAMCO Investment Company
• NBK Capital
• Al-Mazaya Holding Co.
• Qurain Petrochemical Industries Company
• Kuwait Business Town Real Estate Co.
• Watani Financial Brokerage Co.
• Kuwait Projects Company (Holding)
• Heavy Engineering Industries & Shipbuilding Co.
• Bayan Investment Co.
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.
Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority 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 Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
For more information, kindly contact
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw