Title: The Capital Markets Authority Announces Conclusion of Corporate Governance Reports’ Submission Period of 2017

Kuwait – July 16, 2017 – The Capital Markets Authority (CMA) has announced that Thursday 13/07/2017 was the end date of corporate governance reports’ submission period of 2017, pursuant to the provisions of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, which stipulate that companies subject to the mentioned rules shall annually provide the CMA with an evidence of meeting the requirements set forth in the rules of corporate governance issued by the CMA.

CMA has ongoing efforts to address companies’ inquiries relevant to implementing the rules. Moreover, it has thoroughly explained the corporate governance requirements to them and the mechanism of preparing and submitting the required reports in a timely manner. 

This is the second year of companies’ submission of corporate governance reports through the electronic portal, which was launched on CMA’s website. The website includes the eGovernance system which allows companies, after prior registration, to complete the procedures of submitting the approved form electronically, and to attach the required documents.

It is worth mentioning that 197 out of 198 companies, which are subject to corporate governance rules, have submitted the required report within the specified period that ended on 13/07/2017.

CMA would like to emphasize the importance of implementing the corporate governance rules, which promote the governance literacy in order to create trust in the financial markets and among investors. These rules would support the CMA’s efforts regarding the market regulation in a fair and transparent manner. 

Ends

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