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The corporate governance practices in MENA region is considered very weak. Very few organizations are applying some of the requirements in that respect for a reason of being embosed by regulatory (CBE &/or FSA) &/or embosed by its parent multinational company &/or for a certain purposes like the credit worthness & financial strenght rating. In reality, we still see a lot of companies that are managed by the owners that we can considered it as family business, which are managed in totally different manner than the well organised & goverened organizations. The mentality is the main challenge factor in applying the lead practices in corporate governance in the Arab world.
Although I have never implemented this code, but a general over view suggests that It needs to be further strenghtened on the Anti Money laundering side , specially regarding provisions of Layering and Integration
there is a significant difference between required by law corporate governance compliance and volontary practice of good corporate governance. There are several areas which could benefit from aditional strenghtening, including: non-financial disclosure, protection of minority shareholders, independent board directors, risk disclosure.
Due to the lack of mandatory application of the rules on corporate governance especially of listed companies, in the financial markets, the corporate governance reports of a most those companies does not reflect the actual reality of these companies commitment to the rules of corporate governance
so that i think the corporate governance should be mandatory espicialy conflict of intrest , diclouser rules and indpendatcy rules.
