Читать книгу Corporate Governance - Quantity Versus Quality - Middle Eastern Perspective - Saleh Hussain - Страница 27

The regulators' role in corporate governance is important and complicated. It's important in that they issue the quantitative CG regulations. They also give guidelines on best practices and expected qualitative measures but not as much as they do for the quantitative side. Some regulators, in assuming their role towards issuance of CG regulations, tend to import these regulations from other countries and regions and expect companies to apply them "as is" in their ready-made status. Due to globalization the world is becoming standardized on major regulations, such as international accounting standards, anti-money laundering and others. We cannot say the same for corporate governance as yet.

Countries such as the United States and those in Europe are at a different and higher level of sophistication in terms of civil, commercial and company law. The Gulf region still needs many years to catch up. Hence, regulators need to reach out more to companies and introduce CG regulations that take into account international best practices and local requirements. The gradual introduction of CG regulations along with pertinent laws will be more beneficial and practical. To its credit Bahrain follows such an approach, and it's hoped other GCC countries follow suit