Executive Regulations – Book 15, Corporate Governance, 2015

Kuwait Current 2015

The Capital Markets Authority (CMA) of Kuwait has issued a guidance book on Corporate Governance, which follows the Comply or Explain principle. Some of the topics required within its requirements touch on sustainability broadly. Examples are as follows: (1) Protection of Stakeholders Rights: Companies must develop policies which list the basic rights of their stakeholders. (2) Value creation: The Board of Directors must create a sustainable culture within the company; which encourages its stakeholders to work in a manner that makes these companies financially sustainable. The regulation recommends Integrated Reporting Systems to report on company activities in various areas such as Strategy, Business Model, Risk, Future Outlook, Materiality and Accuracy of Reporting. (3) Focus on the importance of Corporate Social Responsibility: through sharing company progress with society. This can be done through work to enhance the social and economical conditions of their own employees and their families, as well as that of the whole society.

Scope

General sustainability/ESG/non-financial

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Companies listed on the Kuwait Stock Exchange, Companies licensed to trade in Financial Securities

Issuer type

Stock Exchange

Type of instrument

Standard

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners