Governance rules to be applied as of June 30, No delay – Al-Hajraf

KUWAIT, March 20 (KUNA) — A senior Kuwait Capital Markets Authority (CMA) official has reiterated that the governance rules will be applied as previously decided, on 30 June 2016, with no delay.
Chairman of CMA Board of Commissioners Dr. Nayef Falah Al-Hajraf added that the authority would enforce the law against the licensed corporates that fail to apply these rules.
There is no room for hesitation regarding the full application of the rules, Al-Hajraf said in a press statement on the sidelines of a discussion panel organized by the CMA on corporate governance that concluded discussions on Sunday.
He stressed that the CMA is so keen on sound implementation of the rules to realize the aspired benefits for all.
Commenting on reports that weak companies will have to go out as a result, Al-Hajraf said the it is up to shareholders.
“We do not take decisions for the shareholders,” he said.
Meanwhile, Al-Hajraf said he was certain of soundness of all arrangements and preparations for the Kuwait Bourse Company to take over the Kuwait Stock Exchange (KSE) as of April 25.
On the CMA’s share, he said that according to law, 6 percent (minimum) to 24 percent (maximum) are allowed for the government bodies in the company. (end) fn.km.msa