Qatar Financial Markets Authority (QFMA) announced the preparation of a "draft amendment of Governance Code for Companies and Legal Entities Listed on the Main Market and the Procedures Guide".
The draft has been published on QFMA's website for public consultation and receiving the comments and suggestions.
The Authority said that the preparation of this draft comes after conducting studies and comparisons with many financial markets, in order to reach best international practices and standards in this regard.
QFMA explained that the draft stems from its keenness to maintain confidence in making transactions in financial markets, protect owners and dealers of securities, ensure the stability of financial markets, and reduce the risks that they may be exposed to, in addition to strengthen the Authority's exercise of its regulatory, supervisory and oversight role in the capital market in the country. The draft also comes within the framework of the QFMA's keenness to develop and modernise the legal legislation regulating these markets, and to enhance integrity and transparency in them, in order to be attractive to investments and keep pace with the best internationally applied practices and standards in this regard, the Authority added.
The draft amendment of Governance Code for Companies and Legal Entities Listed on the Main Market also comes as a desire by the Authority to establish the principles and values of governance and sustainability, in light of the best international and regional systems in the governance of companies and other listed entities, as well as its commitment to the unified guiding principles of corporate governance for companies listed on the GCC financial markets issued in 2012.
The Authority pointed out that when drafting the governance code companies and legal entities listed on the main market, it has taken into account the establishment of the principles of transparency and disclosure, responsibility acknowledgement, justice and equality, protection of the rights of investors and stakeholders in general, and upholding values of protecting the minority and the company's employees by adopting preferential treatment for small investors and minority.
Governance is one of the most important management and control systems for companies in general, and for shareholding companies and all other legal entities listed on the financial markets in particular.
QFMA published the draft amendment of Governance Code for Companies and Legal Entities Listed on the Main Market and the Procedures Guide on its official website (www.qfma.org.qa), in order to ensure the involvement of all concerned parties in evaluating the draft and providing it with their comments and suggestions within one month of its issue date, in the framework of its commitment to the highest levels of integrity and transparency in dealing with securities.
