In a statement issued on Wednesday H E Salmi expressed happiness at the constructive response of listed companies to the directions of the CMA and the regulatory requirements especially with regard to management and active participation in the development of the code during the consultation process. The CMA had received a number of ideas and opinions which contributed to the final version of the code he said.

H E Salmi added 'We live in a rapidly changing era which requires continued review and revision of our legislation and regulation including the Code of Corporate Governance to improve local practices according to best international practices to limit any violations which would have positive impact on the quality of corporate management.'

The capital market regulator's executive president added the Code of Corporate Governance Development Committee was guided by certain international codes and charters and the recommendation of the Organization for Economic Cooperation and Development (OECD) and the Internal Financing Corporation (IFC).

The CMA recently organised a workshop to introduce the new code in preparation for its obligatory implementation.

The workshop said the implementation of the code in July will coincide with the timing of annual general meetings of companies which will witness the constitution of boards of directors which require observing the requirements of the code in its new version when constituting the boards and subcommittees.

The workshop included an open session of representatives of public joint stock companies and investment funds. The questions and queries were focused on the role of company secretaries and the required qualifications and experience for such a role besides the external commitments toward related parties.