Level up your Governance game with the SCA’s 2024 tweaks for PJSCs!

The gavel has struck again! The UAE's Securities and Commodities Authority (SCA) just unleashed a set of revisions to the Corporate Governance rulebook for Public Joint Stock Companies (PJSCs) with Decision No. (2/R.M) of 2024.

Supercharge your governance framework with the latest amendments and global best practices to boost transparency and accountability, and keep risk at bay.

Make your PJSC a beacon of strong governance for your investors

Regardless of your industry or size, the amendments are applicable to all PJSCs listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM)! Align your PJSC with global best practices by contacting MBG’s experts today!

New and improved focus areas for you to consider

• Internal controls on high alert With increased scrutiny by external auditors, a robust internal control framework (ICF) will be your key to shield your company's finances, operations, and reporting. The latest amendments emphasize the importance of a strong framework, especially the COSO approach, to identify and neutralize potential risks as a preemptive measure.
• Plug and play policies for a smoothly running company Think of clear and comprehensive internal policies as your company's operating manual. The amendments emphasize having these in place for everything – from performance evaluations to staff management.
• The audit committee takes the wheel The Audit Committee’s role now involves a more proactive and in-depth approach that goes beyond evaluating numbers – reviewing major financial matters, ensuring the independence of your external auditors, and making sure the internal controls are on track. Additionally, the committee will monitor and guide with corrective actions for any identified weaknesses.
• Governance committee: friend or foe? The amendments give you the option to create a dedicated Governance Committee, acting as your personal governance cheerleader, keeping you informed on the best practices and ensuring compliance with the code. While not mandatory, a well-oiled Governance Committee can be a game changer to lead the compliance curve.

What makes MBG an ideal governance partner for your business?

MBG provides a comprehensive approach to navigating complexities of the amended Governance Code. Our seasoned governance specialists can assist you with:

• ICF development and implementation: Our experts come with experience from across industries, irrespective of the scale of your business to tailor a COSO-aligned ICF specific to your needs, making risk management a breeze.
• Policy and procedure powerhouse: Our team will help you draft clear, concise, and enforceable internal policies that govern all aspects of your company's operations.
• Audit committee boot camp: We offer customized training programs to boost the knowledge and skills of your Audit Committee members, enabling them to fulfill their expanded roles under the amendments.
• Governance committee architects: Thinking of creating a Governance Committee? We will guide you through the process, ensuring its effectiveness and providing ongoing support.

Partner with MBG to turn the SCA tweaks into a governance triumph!