Abu Dhabi Securities Exchange announced today the signing of a Memorandum of Understanding (MoU) with the Abu Dhabi Center for Corporate Governance (ADCCG) aimed at enhancing institutional cooperation in the UAE.
The agreement was signed by Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations, and Khalfan Al Kaabi, Chairman of ADCCG in the presence of a number of officials from both organizations.
On this occasion Rashed Al Baloushi proposed that the agreement will assist in strengthening the mechanisms the exchange requires to ensure an orderly market while improving investor awareness.
Mr. Al Baloushi emphasized that the agreement reflects the desire of ADX and ADCCG to cooperate in all mechanisms aimed at supporting integrity, transparency and disclosure and related research and studies.
“The MoU with the Abu Dhabi Securities Exchange will help clarify the need for Corporate Governance for all the sectors including, public and private companies and government organizations through seminars, discussion groups and awareness sessions in addition to training and development programs”, said Khalfan Al Kaabi, Chairman for the Abu Dhabi Center for Corporate Governance.
“There are a lot of misunderstandings on the proper use of tools for Corporate Governance implementation in the market”, said Mr. Khalid Deeb, Director General for the Abu Dhabi Center for Corporate Governance (ADCCG), "This topic is still vague to many organizations, therefore, ADCCG intends to benefit from those MOU’s to increase the level of awareness in the country and get it to the required level”, Deeb added.
Rashed Al Baloushi also revealed that “achieving that goal will include organizing seminars and conferences, and providing training programs and specialized consultations in the field of corporate governance and related issues.”
“These tasks are to be accomplished by ADCCG in cooperation with ADX and in accordance with the highest standards, where the exchange plays a vital role in supporting economic development. Such a role is enhanced by this kind of agreement, which makes a direct contribution to the Abu Dhabi Economic Vision 2030,” the Deputy Chief Executive stated before adding, that this will further fortify international best practice principles of integrity, transparency and disclosure.”