Corporate Governance of Listed Companies in Kuwait: A Comparative Study with the United Kingdom, Saudi Arabia, and Qatar Codes
Qatar offers the most instructive contrast. The Qatar Financial Markets Authority code is lean, pragmatic, and unusually strict on conflict of interest. Doha mandates that any transaction between a listed company and a major shareholder must be approved by the general assembly without that shareholder’s vote. Corporate Governance of Listed Companies in Kuwait: A
The "Comply or Explain" Hybrid Approach: Kuwait’s Corporate Governance Code (KCCG 2015), which is Module 15 of the Capital Market Authority's Executive Bylaws, adopted a mixed approach. This was inspired by the UK Corporate Governance Code, allowing flexibility rather than a strictly binding mandate. The "Comply or Explain" Hybrid Approach : Kuwait’s
Disclosure requirements are robust on paper (annual reports, board minutes, material contracts). However, enforcement is the weak link. The CMA has struggled with court challenges due to Kuwait’s commercial law complexities. Compared to Qatar, where the QFMA can suspend trading indefinitely, Kuwait’s penalties (fines up to KWD 50,000) are often deemed insufficient for large conglomerates. However, enforcement is the weak link
