The Dubai Financial Services Authority (DFSA) recently concluded a thematic review of the corporate governance of firms licensed to provide financial services in the Dubai International Financial Centre (DIFC).
The review focused on twelve themes fundamental to good corporate governance, including management structures and practices, systems and controls, internal audit and management information flows.
A significant finding of the review, documented in the Report, was that firms often did not carry out structured, periodic reviews of their governing bodies and their committees, or their effectiveness. The governing body is generally a company’s board of directors.
Ian Johnston, Chief Executive Officer of the DFSA, said, “The findings of the review provide a benchmark and reference that should be used by institutions to assess their corporate governance frameworks and practices. The DFSA is working to enhance the quality of governance of regulated businesses in the DIFC and where we detect governance failures we will rectify them through supervisory methods or enforcement action.”
Source : WAM News Agency for United Arab Emirates
