Corporate Governance in the UAE
You must have the ability to demonstrate a robust corporate governance framework, in order to promote the sound and prudent management and oversight of your business in the UAE.
The importance of corporate governance
Good corporate governance is essential in order to maintain compliance with UAE regulatory standards. Weak corporate governance arrangements that do not safeguard against excessive risk taking have been cited by regulators as being at the heart of losses incurred in the financial services industry. These shortcomings have highlighted the need for corporate governance regulatory reform to promote long-term sustainable growth, including:
- strengthening board oversight of management
- positioning risk management as a key board responsibility
- encouraging sound remuneration practices that balance risk and long-term performance criteria.
Board competency review services
Your board is regarded by regulators as fundamental in ensuring a culture that supports sound and prudent management. Waystone Compliance Solutions can assist you by performing reviews to assess the following:
- whether your board has the right composition (given the nature and scale of the business)
- whether board members have the requisite knowledge and expertise
- the time commitment of board members is appropriate
- whether your board has adequate powers and resources to discharge its duties
- whether appropriate management information is available to the board
- whether your board minutes and other documentation are contributing to effective decision making.
Corporate governance systems and control services
Your board needs effective governance systems and controls to discharge its responsibilities in an appropriate and timely manner. Waystone Compliance Solutions can assist you to design, implement and monitor your governance systems and controls by:
- conducting corporate governance gap analysis
- advising on board and committee structure, membership, conduct, operations and performance
- tailoring board and committee terms of reference
- tailoring corporate governance policies and procedures that promote effective and prudent management and oversight
- tailoring remuneration policies and procedures that ensure sound and effective risk management
- defining relationships and mapping responsibilities between the board and senior managers to evaluate where competencies can be enhanced
- evaluating the adequacy of management information and reporting frequency
- providing corporate governance training to the board and senior managers
- providing company secretarial services.
Why choose Waystone Compliance Solutions?
Our UAE compliance experts provide corporate governance advisory services to help improve the effectiveness of your board and committees. We will conduct a thorough assessment of your existing corporate governance practices to identify gaps and areas for improvement. To learn more about how we can help, contact us.