OECD Corporate Governance Working Papers

ISSN: 
2223-0939 (online)
DOI: 
10.1787/22230939
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OECD Corporate Governance Working Papers provide timely analysis and information on national and international corporate governance issues and developments, including state ownership and privatisation policies. The working paper series is designed to make select studies by the OECD Corporate Governance Committee, OECD staff members and outside consultants available to a broad audience.
 

Corporate Governance Enforcement in the Middle East and North Africa

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Author(s):
Alissa Amico1
Author Affiliations
  • 1: OECD, France

30 Sep 2014
Bibliographic information
No.:
15
Pages:
49
DOI: 
10.1787/5jxws6scxg7c-en

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Corporate governance frameworks in the Middle East and North Africa region have undergone a substantial evolution in the past decade. Better enforcement of corporate governance rules and regulations has in the past three years emerged as both a policy challenge and a priority for the region. This emphasis on better enforcement reflects a number of trends including political changes in some countries of the region, the global call for better surveillance of the adoption of governance rules as well as low investor engagement in the region.

This paper examines key developments in public and private corporate governance enforcement in the region. It highlights the growing level of public enforcement as expertise within the securities regulators is growing. The paper provides policy recommendations on specific aspects of governance frameworks such as the treatment of related party transactions and board member responsibilities which - if better regulated - could result in more effective governance enforcement in the region.

Keywords:
shareholder rights, board appointment, commercial courts, redress, minority shareholder, enforcement, Middle East and North Africa, corporate governance, securities regulator, stock exchange, listing requirements, investor engagement, company law
JEL Classification:
  • G38: Financial Economics / Corporate Finance and Governance / Government Policy and Regulation
  • K22: Law and Economics / Regulation and Business Law / Business and Securities Law
  • K42: Law and Economics / Legal Procedure, the Legal System, and Illegal Behavior / Illegal Behavior and the Enforcement of Law
 
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