Qatar Financial Markets Authority “QFMA” is exerting efforts to establish the principles of governance, disclosure and transparency, and to support and promote minority’s rights in the Qatari capital markets as well as adopt international best practices in this regard. Accordingly, it has confirmed that companies listed on the financial market must comply with the principles and provisions of Governance Code for Companies & Legal Entities Listed on the Main Market, which is not subject to the principle of “Comply or Clarify”.

In this regard, QFMA indicated that the aim of the Governance Code is to promote appropriate procedures and policies to implement its provisions and principles in light of the challenges, and to find the best way to address them in accordance with the best international standards and practices.

QFMA also stated that listed companies, in their governance report, must clearly disclose any provisions or principles have not been complied with and mention the justifications of non-compliance. QFMA will review disclosures and reports to assess what companies reports contained when they do not comply with the Code’s provisions and principles and the non-compliance, however justified, will be deemed to be in violation to the Governance Code requirements. QFMA will review the Company's views about these justifications for the purpose of its compliance and take appropriate action to comply.