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“An ounce of prevention is worth a pound of care.”
This old adage holds true when principles of corporate governance and their implementation in the GCC are discussed. Implementation of good corporate governance practice perhaps is essential when weighed against ownership disputes, succession issues and stakeholder disputes.
In a survey published by the DIFC, the Chairman and CEOs of key institutions believed that the governance of their companies is well established. In the same survey however, the views from other family members of the same company who were involved at different positions, were divergent. Whilst many companies, particularly the listed ones claim to be the part of UAE Government’s initiative to streamline and strengthen internal corporate governance code, small and medium size enterprises (SMEs) and family owned enterprises (FOEs) are yet to follow the norm.