Title: Press Release: “Developing the Mechanism of Participating in General Assemblies of Listed Companies” is the Topic of An Awareness Program

Kuwait, October 26, 2022 – The Capital Markets Authority (CMA), in cooperation with its partners in the capital markets system, executed an awareness program during the period from October 19 to 25, 2022 on “Developing the Mechanism of Participating in General Assemblies of Listed Companies”. It included four awareness workshops whose dates, locations, and segments were as follows:
• A workshop for the representatives of the listed companies in the Premier Market of Boursa Kuwait Securities Exchange on 19/10/2022.
• A workshop for the representatives of the brokerage firms in CMA headquarters on 20/10/2022.
• (2) workshops for the representatives of the listed companies in the Main Market of Boursa Kuwait Securities Exchange in the headquarters of Boursa Kuwait Securities Company on 24 - 25/10/2022.
Moreover, this program aims to introduce CMA’s project of developing the mechanism of participating in the general assemblies and is executed in cooperation with Boursa Kuwait and Kuwait Clearing Company in its capacity as the securities central depository entity.
These workshops were presented by each of: Mr. Abdulrahman Al Failakawi, Ms. Dalal Behbehani and Ms. Bedour Jasem from the CMA, Mr. Bader Al-Shami and Mr. Ashraf Samir from Boursa Kuwait Securities Company, and Mr. Duaij Al-Saleh from Kuwait Clearing Company.
The purposes of the project’s phases were presented along with the pillars of applying the changes in line with the international standards. In addition, the workshops included explaining the amendments stipulated in Resolution No. 139 of 2022 Regarding Developing the Mechanism of Participating in General Assemblies of Companies Listed in Boursa Kuwait Securities Exchange, the procedures of disclosure in the exchange, presentation of the mechanism of participating in the general assemblies in accordance the electronic system approved by Kuwait Clearing Company, before concluding with answering the participants enquiries.
It is worth noting that the changes in the developed electronic system for participating in the general assemblies of the listed companies, in accordance with the recent amendments included in CMA’s Resolution No. 139 executed in the 2nd of October, focused on adding a new definition to the electronic system of participation, in addition to specifying the date of the right to attend to be ten business days prior to the date of the general assembly, requiring some of the companies to use the electronic system of participation (the CMA has issued its Circular No. 10 in this regard), unifying the disclosure method, and the technical developments of Kuwait Clearing Company.
Such amendments aim to enable the shareholder (directly or indirectly) from exercising his rights of participating in the general assembly, provide early information to enhance transparency, regulate the roles of the clearing agency, facilitate the general assembly, and knowledge of attendance and completion of the quorum.
In conclusion, as the CMA follows the achievement of the first phase of its project of developing the mechanism of participating in the general assemblies of the listed companies with awareness efforts for introducing the participation system, it advices the listed companies to provide it and encourage their shareholders to participate. Many facilities are offered by the  system to enhance participation and protect their rights and the minority rights, strengthen the required elements of transparency, competitiveness, and fairness, increase the investors trust in the financial market, comply with the international standards, and contribute in reaching a favorable investment environment to localize the local investments, attract the external investments, and deepen the institutional investments.

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