To develop corporate governance controls in financial markets
SCA coordinates with Tasneef to issue certificates of conformity with the ISO 37001 standard to classify companies and enhance the levels of transparency and institutional discipline
H.E. Dr. Obaid Al Zaabi, Acting CEO of the Securities and Commodities Authority (SCA), reiterated that SCA is working to promote the implementation of governance controls and institutional discipline, responding to directives from H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Board Chairman of SCA. This will be done through the development of mechanisms to enforce corporate governance in line with the best international standards, thus contributing to the development of the financial industry as a whole.
Dr. Al Zaabi added that SCA has already started putting into effect the agreement made with the Emirates Classification Society (Tasneef) under an MOU signed between the two parties. As per the MOU, Tasneef will issue certificates of conformity with respect to the implementation of governance controls and institutional discipline in line with the international standards relating to combating bribery and administrative corruption, business continuity, and social responsibility.
He explained that the MOU texts reflect SCA's relentless efforts to raise the country's ranking in all competitiveness indexes—most notably the Global Competitiveness Index— and SCA's vision to make the UAE the world leader in transparency and corporate governance.
Dr. Al Zaabi indicated that collaboration between the two parties is central to the implementation of the ISO 37001 standard, which pursues the best international practices and specifies numerous assessment requirements, including following a calculated assessment approach for bribery risks; using an assessment plan that requires promoting compliance, responsibility, and supervision on the part of the senior management; exercising the necessary due diligence with respect to the enterprises and business partnerships the company is engaged in; conducting continuous supervisory functions, investigations, and revisions; taking corrective actions; and making continuous improvements.
Dr. Al Zaabi explained that the ISO standard is fundamental to developing a model and a plan for classifying institutions that seek competitiveness in disseminating the principles of integrity and transparency and facing the challenges posed by financial and administrative corruption.
The UAE tops the Middle East and North Africa region as the most transparent in combating corrupt practices, according to the 2016 Corruption Perceptions Index published by Transparency International.
It is worth mentioning that under the MOU signed by Dr. Al Zaabi and Rashid Al Habsi, CEO of Tasneef, the two parties pledged to respect intellectual property and to ensure the full implementation of intellectual property rights as agreed upon and in line with the applicable law and regulations.
Furthermore, the MOU provided for the organization of training programs specifically tailored for developing and improving the professional levels; raising awareness through holding conferences, meetings, seminars, and workshops; and making use of the training programs, activities, events, and conferences for the purpose of exchanging information, expertise, and research papers.
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