A significant number of new requirements were placed on companies listed on the Abu Dhabi Stock Exchange and Dubai Financial Market when the SCA corporate governance guidelines became effective on 30 April 2010. Tim Travers explores the concept of committees, using best practice examples from Abu Dhabi Commercial Bank (ADCB).

The corporate governance code issued pursuant to the "Security and Commodities Authority's Chairman's Decision No. 32/R for 2007 on Corporate Governance Code" (the Code) was superseded and amended by the "Ministry of Economy's Decision No. 518 of 2009".

The Security and Commodities Authority (SCA) Chairman's Decision, as amended by the Ministerial Decision (the Decision), requires companies and institutions that have securities listed in any securities market in the UAE and members of their boards of directors to adopt corporate governance rules that aim to:

• create an internal control system within their company; and