Improving transparency and disclosure in MENA

Corporate transparency and disclosure is a key component of the corporate governance framework needed to promote private sector development in MENA economies. This chapter presents the current legal framework for transparency and disclosure in MENA economies. It begins by describing the corporate governance landscape in the MENA region. It then reviews international standards on transparency and disclosure, including the G20/OECD Principles of Corporate Governance, and examines transparency and disclosure practices in MENA economies. The chapter looks in particular at two areas of significance in the region: disclosure of beneficial ownership and of related party transactions. It reviews the disclosure practices of some of the region’s largest companies, investigates monitoring and enforcement of disclosure rules and presents key challenges for policy makers as they seek to strengthen disclosure policies and practices. The chapter concludes with policy options, based on international good practices.