Posted On 4/23/2018
Key Responsibilities, Obligations and Rights of Directors of LLCs and Board Members of PJSCs in the UAE
ADCCG organizes a seminar on Key Responsibilities, Obligations and Rights of Directors
The Abu Dhabi Center for Corporate Governance at the Abu Dhabi Chamber organized, in collaboration with Salloum and Partners LLC, a seminar on the “Key Responsibilities, Obligations and Rights of Directors of LLCs and Board Members of PJSCs” at the Chamber’s Tower in Abu Dhabi. The seminar comes within a series of seminars the center is organizing to spread the culture of governance amongst companies and corporations in Abu Dhabi. A large number public and private companies in the UAE attended the seminar.
Samir Salloum, Founder and Managing Partner of Salloum and Partners LLC, emphasized at the beginning of the seminar on the importance of applying governance in private and public companies which operate in the UAE considering the important role they play in pushing the wheel of sustainable economic development forward.
Salloum said that Commercial Companies Law includes a set of criteria, standards and procedures that achieve corporate governance at the management level of the company in accordance to with the international standards and practices by determining the duties and responsibilities of the Directors and the executive management of the company, taking into account the protection of shareholders and stakeholders rights.”
Salloum pointed to the responsibilities and limitations of Board Members, noting that as soon as he is elected member he has to acknowledge and accept his nominations, disclose of any activity conducted directly or indirectly by him in competition of the business of the company, and disclose names of the companies and establishments when he works or is a member of the board. The Board Member should not be a member of the board of Joint Stock based in the state or be a chairman of more than two companies based in the state, and may not be a managing director of more than one company based in the state.