Corporate Governance Of Listed Companies In Kuwait A Comparative Study With United Kingdom Saudi And Qatar Codes Link !exclusive! (2025)

The paper you are referring to is likely the book/thesis titled "

Corporate Governance of Listed Companies in Kuwait: A Comparative Study with United Kingdom, Saudi and Qatar Codes " by Dr. Abdullah Alshebli. Core Focus of the Study

The research identifies shortcomings in Kuwait’s current legislation by comparing its regulatory framework with established international best practices from the UK and regional benchmarks in Saudi Arabia and Qatar.

Kuwait's Position: The study highlights that Kuwait's regulatory framework is relatively young and seeks to align it with international standards to attract domestic and international investment. The paper you are referring to is likely

Key Comparisons: It examines differences in board characteristics, executive remuneration, and transparency policies across the GCC and the UK.

Findings: Research generally shows that while Kuwait and Saudi Arabia share features like state-driven growth and dominance of family businesses, they differ in the extent of royal family involvement in the private sector and the level of legislative preferential treatment. Access Links

You can find more information about this specific work or related GCC comparative studies at the following sources: Target Audience This book is an essential read for:

Book Listing: Corporate Governance of Listed Companies in Kuwait on Amazon.

Related Academic Paper: Development of Corporate Governance Codes in the GCC on ResearchGate.

GCC Governance Review: Corporate governance and capital market development in the GCC on Emerald Insight. Legal Practitioners: Lawyers advising on cross-border M&A or

This guide outlines the key codes, comparative axes, and analytical links you will need.

Target Audience

This book is an essential read for:

  • Legal Practitioners: Lawyers advising on cross-border M&A or IPOs in the GCC.
  • Policy Makers: Regulators in emerging markets looking to understand the friction points in adopting Western CG models.
  • Academics: Students of comparative corporate law, Middle Eastern studies, and international business ethics.

Abstract

Corporate governance (CG) has emerged as a pivotal element in the strategic management of listed companies, serving as a barometer for investor confidence and market efficiency. This study examines the regulatory framework of corporate governance in Kuwait, specifically focusing on the requirements for listed companies under the oversight of the Capital Markets Authority (CMA). By conducting a comparative analysis with the corporate governance codes of the United Kingdom, the Kingdom of Saudi Arabia, and the State of Qatar, this write-up highlights the convergence toward international best practices and the divergence driven by regional socio-legal contexts.

A. Kuwait vs. The United Kingdom (The Global Benchmark)

The United Kingdom, governed by the UK Corporate Governance Code, serves as the international benchmark. The comparison reveals a fundamental philosophical difference: "Comply or Explain" vs. Mandatory Compliance.

  • Flexibility: The UK Code is principles-based. Companies can choose not to follow a provision provided they explain why and offer an alternative. Kuwait’s Module 15 is largely rules-based; specific provisions (like board committees) are mandatory, leaving less room for bespoke corporate structures.
  • Shareholder Rights: The UK system empowers institutional investors significantly, with binding votes on executive remuneration. In Kuwait, while shareholder rights are protected, the dominance of founding families and block shareholders often limits the influence of minority retail investors.
  • Board Independence: The UK recommends that at least half the board (excluding the Chair) be non-executive. Kuwait mandates a specific ratio (often one-third or 50% depending on the specific article iteration) but faces challenges in the practical "independence" of these directors compared to the rigorous UK definitions.

Independent Directors Quorum

  • UK: At least half the board (excluding the Chair) should be independent.
  • Kuwait: One-third of the board must be independent. (Recent reforms push toward half, but phased in).
  • Saudi: At least two independent directors or one-third, whichever is greater.
  • Qatar: One-third independent.

Critical Note: Kuwait’s definition of "independence" is stricter in law than in practice. The UK bans any advisor relationship for three years. Kuwait bans significant business dealings, but loopholes exist due to the small economic pool. Saudi Arabia’s CMA actively disqualifies relatives of controlling shareholders.