It includes partnerships, related employment, or primary interests of relatives

"Securities": Members of the boards of directors are obligated to disclose the interests associated with the public shareholding company

"Securities": The board of directors must maintain the complete confidentiality of the data and information of the company.

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The Securities and Commodities Authority stated that every member of the board of directors of public joint-stock companies, upon assuming the position, must disclose to the company all interests and relationships that may or may be seen affecting his ability to perform his duties as a member of the board of directors, and any interests that are announced shall be recorded. Reported like this by the Secretary of the Council.

In an awareness leaflet obtained by Emirates Today, she stated that, in particular, board members must disclose partnerships or related employment or the main interests of relatives, which may create a conflict or potential conflict of interest.

Each member of the board of directors must inform the company when changes occur in his interests, and he must complete the approved form in the company for this purpose on a quarterly basis, and as required to determine his interests specifically.

And she continued: «The Secretary of the Council requests the members of the Council to review the form on a quarterly basis to verify its accuracy and completeness.

Also, at the beginning of each meeting of the board of directors, each board member must announce the approval of the interest, if any, to avoid conflict of interest issues.

Total confidentiality

The Authority indicated that the Board of Directors must observe the following:

1- Taking all measures to maintain the complete confidentiality of the data and information of the company with a material effect in an accurate manner to ensure that they are not exploited.

2- Establishing effective contractual arrangements, requiring that other parties familiar with internal data and information pertaining to themselves and their customers shall maintain the confidentiality of such data and information, and not to misuse or transfer them or cause them to be transferred directly or indirectly to other parties.

3- The signature of all informed parties on official declarations, confirming that each of them knows that he possesses internal data and information related to the company and its customers and bears all legal effects in the event that he leak this information or data or give him advice on the basis of the information in his possession, and his obligation to notify the company of any trades he undertakes On the securities of the parent or subsidiary company before and after those trades.

The authority affirmed that every board member must exercise extreme care not to disclose the confidential information required in relation to the disclosures of conflict of interest cases, which may be contrary to the interests of the company.

Insiders Register

According to the prospectus, the company’s board of directors must issue written rules regarding the transactions of the members of the company's board of directors and its employees in the securities issued by the company, parent company, subsidiary or sister companies, and assign one of the company's departments, an internal committee, or a special committee or whomever it deems appropriate Suitable for the company with the following:

■ Preparing a special and integrated register of all informed persons, including those who can be considered temporarily informed persons, and who have the right or have access to the internal information of the company before its publication.

The register also includes the prior and subsequent disclosures of the insiders.

■ Managing, monitoring and supervising insiders' transactions and their properties, and keeping their record.

■ Notifying the Authority and the Market of an updated list of insiders at the beginning of each fiscal year, and any amendments that occur to them during the fiscal year.

■ Delivering a copy of the Insiders Register to the Authority upon its request.

■ Comply with any other requirements set by the authority.

4 times

The Securities and Commodities Authority confirmed that the Board of Directors meets four times a year, unless the company’s bylaw stipulates more than that, and the meeting is based on a written invitation by the Chairman of the Board of Directors, or upon a written request submitted by at least two members of the Board, what The company’s statute does not stipulate otherwise, and the invitation shall be made at least one week before the specified date, accompanied by an agenda.

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