Compliance with Governance Code for Companies & Legal Entities Listed on the Main Market
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.
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.