Hawkamah signs MoU with Emirates Securities and Commodities Authority
Hawkamah signs MoU with Emirates Securities and Commodities Authority
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First ever corporate governance framework for listed companies in the UAE to be developed Hawkamah, the Institute for Corporate Governance   in the region, and Emirates Securities and Commodities Authority (ESCA) have signed a groundbreaking memorandum of understanding (MoU) to develop the first ever corporate governance code for listed companies in the UAE.  The MoU was signed by Abdulla Al Turaifi, CEO of ESCA and Dr Nasser Saidi, Executive Director of Hawkamah. ESCA is the first capital market authority in the region which will develop and introduce corporate governance codes for listed companies consistent with international standards and best practice. The framework for the codes will include the principles of transparency, disclosure, protection of investors and shareholders rights, responsibilities of the board and the importance of independent directors as well as financial reporting in accordance with international accounting and auditing standards. Introducing and implementing good corporate governance principles and practice will contribute to building investor confidence in financial markets and listed companies. The signing of the MOU aims to produce governance tools and procedures to develop sound practices where high performance will be achieved by companies in addition to credibility. According to the respective interests and objectives of both parties, ESCA & Hawkamah- the institute for corporate governance can attain on integration mechanism through adoption of governance codes and rules. The three  pivotal roles of the MOU are as follows:

  1. Highlighting of public awareness as regards corporate governance in securities and commodities markets of UAE.
  2. The exchange of information concerning corporate governance in such markets between the parties concerned.
  3. Customizing training programmes to accommodate the relevant cadres in the markets, brokerage companies, and listed companies in the field of corporate governance applications.

On the heels of the MOU signing , His Excellency, Mr. Abdullah Al-Turifi commented; ESCA is pleased to cooperate and work with Hawkamah on developing corporate governance codes for companies listed in the capital markets in UAE . These codes will help build confidence in business organizations and its host economy and provide strong incentives for international trade and investment in both” Moreover, he added that “signing of this MOU came into effect to combat current challenges met by both capital markets and regulating authorities. Furthermore, corporate governance is a complementary catalyst to the prevailing and existing regulations and legislations in compliance with international standards laid down by “IOSCO”. Such agreement  will be a further tool to ensure justice and transparency in capital markets.” Dr Omar Bin Sulaiman, Governor, Dubai International Financial Centre, commented: “This is a very significant move for the UAE and the region. Not only will the MoU help establish the first ever corporate governance code for capital markets in the UAE, but will also catalyse the need for reform in other regional markets. “This MoU is also very significant for the DIFC because it marks a major step forward in achieving our key objective – working towards regional development and economic diversification and growth. The best way to achieve this growth and diversification is through improving the performance and health of our corporations. It is achievable only by implementing sound governance practices.” Dr Saidi commented: “This signing is in line with the objective of developing robust capital markets in the UAE so they can play their full role in building the UAE economy and attracting investment on a sustainable basis. This is also the first step towards bridging the corporate governance gap between international and regional capital markets and moving towards economic and financial integration through the alignment and harmonization of corporate governance standards.”


  • I want to thank  Hawkamah team for the rich and useful Board Secretaries workshop. The speakers were amazing and very experienced

    Sandra Corm - Group Company Secretary - Mohamed & Obaid Almulla

  • ‘’There was no doubt that once we communicate with Hawkamah for a workshop, we were sure that we will achieve our goals and get an added value. And thats what happened; we got a lot of positive feedback from participants which confirms the success of the company secretary 2 days workshop which took place in Manama – Bahrain as well as the fruitful feedback on the knowledgeable and insightful trainers and experts. We would be more than happy to have such cooperations in the future since we consider Hawkamah our patterner in success’’

    Faisal Al-Modlij - GM, Corporate Affairs and Governance - Sipchem KSA

  • "We extend our thanks and appreciation to Hawkamah institute for its cooperation and the effectiveness of the Director Development Program"

    Saeed Al Kaabi - Abu Dhabi Monitoring and Controlling Centre(ADMCC)

  • "The Director Development Program was very rich in useful information and added a lot to us, and the trainers’ experience, skills and capabilities had positive impact on delivering the information to us in a direct and clear manner"

    Hamad Al - Tamimi - Osool Asset Management

  • The corporate Governance in all type of entities adds morality and ensures implementation of the best practices to fulfill the responsibilities of those entities and to ensure the rights of all parties involved, especially those who have no authority to participate in the decision-making cycle.

    Hawkamah institute contributed to enrich the knowledge of these responsibilities and the role of governance for the success of institutional work in accordance with principles that establish values and ethics.

    Ajman Municipality

  • '‘Excellent, well delivered, informative program presented by well-seasoned trainers. The training program has helped transform and empower the Board’s vision and focus our minds on the relevant issues at hand. We sincerely thank you for the training sessions which helped broaden our perspective and decision making processes. We strongly recommend this training to elevate directors to the next level".

    Bank of Maldives

  • "I would like to thank Hawkamah for the ESG Reporting training , I found the two days ESG Reporting training very informative and helpful and I have definitely received some tools that I will use in my work"

    Rania Zaatari - Head of Makassed Communal Healthcare Bureau

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

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