Title: Capital Markets Authority signs a Memorandum of Understanding with the GCC Board of Directors Institute

Kuwait City 15 October 2019- The Capital Markets Authority (CMA) signed a Memorandum of Understanding (MoU) with the GCC Board of Directors Institute Today. The MoU was signed by Dr. Ahmed Abdulrahman Al-Melhem, Chairman of CMA Board of Commissioners, Managing Director, and Ms. Jane Valls, Executive Director of the GCC Board of Directors Institute.

This agreement laid the foundation for the cooperation between the two parties through the exchange of information regarding corporate governance and board effectiveness, in an effort to enhance the role, effectiveness, level and capabilities of the companies board of directors in the State of Kuwait that are subject to the corporate governance regulations issued by the Capital Markets Authority for sound and effective corporate governance.

The signing of this agreement is part of CMA’s continuous efforts to achieve its main objectives, especially in establishing sound corporate governance practices, in line with the rapid pace of changes and developments in this area, both regionally and globally, which in turn reflects the urgent need to cooperate with institutions active in this field particularly on the education and training side to keep up with those changes and developments.

It is worth mentioning that the GCC Board of Directors Institute was established by four leading regional Corporations- Investcorp, (SABIC), Saudi Aramco and Emirates NBD- and it is supported by four advisory firms: Heidrick & Struggles, Allen & Overy, PricewaterhouseCoopers, McKinsey & Company, as well as regional regulatory authorities: the Emirates Security and Commodities Authority of the UAE, Capital Market Authorities of both Saudi Arabia and Oman, the Central Bank of Bahrain, and the Qatar Financial Center Regulatory Authority.

The MoU signing event was attended by Mr. Zeyad Al-Fulaij, Head of the Supervision Sector, Mr. Mubarak Al-Refaei, Director of Corporate Finance and Governance Department, Ms. Ibtihal AlShamali, Director of Corporate Governance Section, and from the GCC Board of Directors Institute Ms. Lucy Turner – Director of Corporate Services.

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