Date of publication
22 June 2012

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Corporate governance frameworks in the Middle and North Africa have witnessed a significant transformation over the last decade, motivated by the need to improve the integrity of local markets and align governance practices with the relevant international standards.

The first wave of reform in the region started with the introduction of corporate governance codes, initially by Oman in 2002, then by Egypt in 2005 and in parallel, with the establishment of institutions aimed to promote good governance practices such as institutes of directors, corporate governance centers, and capital market regulators. Today, almost all countries in the region have private and public organisations charged with promoting corporate governance practices domestically.

This report was produced by the Taskforce of MENA Stock Exchanges for Corporate Governance, composed of representatives of exchanges, securities regulators and market participants over the 2011-2012 period. It is based on secondary research and discussions with individual Taskforce members and during the first regional meeting of the Taskforce held on 5 July 2011 in Paris.

Table of Contents

• Executive Summary
• Introduction
• Key Features of MENA Markets
• The Role of Exchanges in Corporate Governance
• Concluding Remarks
• Annex I.  About The Taskforce
• Annex II.  Consolidated Responses to the OECD Questionnaire
• Annex III. Largest Listed Companies in the MENA region