(MENAFN- The Peninsula) The Peninsula
Doha: sheikh Dr. Thani bin Ali bin Saud Al Thani, participating in Arab Forum on Governance Practices in Arab Countries, has stressed the role of corporate governance in the provisions of monitoring Qatari companies.
Sheikh Dr. Thani is a lawyer and board member of Qatar International Centre for Conciliation and Arbitration (QICCA) at Qatar Chamber.
Addressing the virtual forum last week, he said that governance is one of the most important systems of corporate management and control in general, by defining the responsibilities of the board of directors, the senior executive management and the company's employees.
Sheikh Dr. Thani said that this is to reach a rational management that works to raise the efficiency of the company and achieve its goals, which governs productive oversight, transparency and disclosure of all the procedures that is taken by or against the company.
He said that the governance is organising the rights of stakeholders, all with the aim of improving the company's performance and achieving its interests and prioritising them over the personal interests of the Board of Directors and its senior executive management.
Regarding the importance of governance applications, he pointed out that the Qatari legislator decided that it is mandatory for companies listed in the Qatar Financial Markets Authority, and all companies listed on the stock exchange are obligated to submit a report on the application of their governance so that the company is committed to implementing the principles of governance and a financial penalty is imposed when its principles and systems are violated.
Regarding the role played by the regulatory authorities in Qatar, Sheikh Dr. Thani said that Article No. 323 of Law No. 8 of 2021 stipulates the amendment of some provisions of the Commercial Companies Law promulgated by Law No. 11 of 2015.
In accordance with its legislation, he said, the Qatar Financial Markets Authority assumes competencies regarding companies that are listed in the financial markets, including setting the conditions and controls for the disclosure and publication of financial reports, corporate governance reports, company's conditions during the fiscal year, monitoring their implementation, and expressing observations thereon, if any.
Sheikh Dr. Thani said that this text entitled the Qatar Financial Markets Authority to set the conditions and controls for the disclosure of companies listed on the stock exchange as well as to make any observations on the reports submitted by these companies related to governance.
This is in addition to the authority's right to monitor the application of the principles of governance issued by it within the company.
He added that the authority also has the right to impose a financial penalty when any listed company violates the principles and systems of governance.
The conference was organised by the Arab Forum for Governance, an Arab civil society organisation based in Cairo, Egypt.
A number of governance experts in the Arab world participated in the conference with the aim of discussing, reviewing and comparing governance practices in Arab countries.
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