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Kuwait regulator may delay enforcing governance rules [Khaleej Times (United Arab Emirates)]
[March 21, 2014]

Kuwait regulator may delay enforcing governance rules [Khaleej Times (United Arab Emirates)]

(Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) Kuwait's market watchdog may extend a year-end deadline for listed companies to comply with new corporate governance rules if it finds there are "real obstacles", the regulator said, after meeting with the commerce minister.

The Capital Markets Authority (CMA) issued the regulations in June 2013, giving companies until the end of 2014 to implement them.

The rules include separating the positions of chairman and chief executive, prompt disclosure of information to the market, and the setting up of internal controls and risk management.

Some corporate executives and investors have welcomed the effort to stamp out suspicious activities and potential conflicts of interest, and several major listed companies have changed their corporate structures accordingly.

Others, however, have complained that the CMA, which began operating in 2011, is leading a heavy-handed crackdown. There are about 200 listed companies in Kuwait.

The CMA said in a statement late on Wednesday that it would review the deadline on March 31, when it is to issue a report on implementation of the rules so far.

"The issue of governance is also subject to monitoring and evaluation. The level of application will be considered, and (we will) consider postponing deadlines for those rules after the report is available," it said.

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