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Corporate Governance in MENA

Building a Framework for Competitiveness and Growth

image of Corporate Governance in MENA

A strong corporate governance framework is essential for MENA economies as they strive to boost economic growth, strengthen competitiveness and build prosperous societies. The G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises are a reference in order to build such a framework. This report assesses the corporate governance landscape in the MENA region by identifying challenges and proposing policy options for reform. The findings of the report are based on an analysis of policies and practices in four thematic areas: boosting access to finance and capital markets, improving transparency and disclosure, achieving gender balance in corporate leadership and enhancing the governance of state-owned enterprises in MENA. Overall, the report finds that MENA economies have made progress in strengthening corporate governance frameworks in recent years, but that the region still faces challenges in adopting and implementing corporate governance measures that support economic efficiency, sustainable growth and financial stability.

English French, Arabic

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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.

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