Corporate Governance Consulting

Governance Consulting

Corporate Governance Consulting

“Corporate Governance” refers to a set of rules, principles and practices that realize best protection and balance between business entity’s management, shareholders and stakeholders (including customers, suppliers, employees and the communities affected by the entity’s business).

The State of Kuwait is a leading country in applying corporate governance rules in the Middle East. Regulatory authorities develop such rules and supervise the implementation thereof.

Business entities must comply with the requirements set out in such rules and submit reports to this effect to the regulatory authorities at intervals set out individual regulators. Furthermore, such entities should disclose cases of non-compliance with corporate governance rules and the reasons behind any such deviations. In case of failure to comply with the implementation of these rules, a business entity shall be subject to penalties set forth in the applicable laws, regulations, resolutions and instructions.

Added value to business entities from engagement of Corporate Governance Consulting Services

  1. Ensure that the business entity complies with the provisions of laws, regulations, resolutions, rules and instructions governing their business activities, and applies standards and requirements imposed by the regulatory authorities supervising them;
  2. Business entity will achieve the shareholders’ objectives, enhance its performance efficiency, strengthen the control procedures and manage risks it would encounter;
  3. Govern the relationships between the entity’s board of directors, executive management and stakeholders, and segregate roles and responsibilities of respective parties;
  4. Ensure that the business entity will not be subject to any penalties or sanctions due to noncompliance cases, which may create risks of financial loss, business suspension or interruption, license cancellation or reputation risks; and
  5. Achieve principles of disclosure, transparency and fairness, the integrity of financial reporting, elimination of conflict of interests, ensuring smooth functioning in accordance with best practices and principles, protection of the interests of all stakeholders, and supporting social corporate responsibility.

Services provided by Baker Tilly 

  1. Consulting Services
    • Provide all consulting services relating to corporate governance for business entities regulated by Central Bank of Kuwait such as banks, finance companies and exchange companies.
      Reference: Central Bank of Kuwait Instructions on Corporate Governance Rules issued on June 20th, 2012)
    • Provide all consulting services relating to corporate governance rules to companies licensed by Capital Markets Authority.
      (Reference: Capital Markets Authority, Resolution No. 72 of 2015 regarding issuance of Executive Regulations of Law No. 7 of 2010 concerning the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended – Volume XV: Corporate Governance) The consulting services include development / amendment of the following deliverables:

      • Organizational structure
      • Job structure
      • Organizational competence manual
      • Job description
      • Board charter
      • Committees charter
      • Code of Ethics and Code of Professional Conduct
      • Board of Directors performance appraisal
      • Policies and procedures as per regulatory bodies requirements
  1. Training Services
    • We provide training courses and workshops to banks, finance companies and exchange companies for:
      • Directors and the executive management team concerning corporate governance rules and regulations; and
      • Different job levels concerning corporate governance rules and regulations
        (Reference: Central Bank of Kuwait Instructions on Corporate Governance Rules issued on June 20th, 2012, Chapter III: First Pillar: Board of Directors, and CBK Circular No. (2/BS, IBS/324/2014) dated April 17th, 2014)
    • We provide training courses and workshops to companies licensed by Capital Markets Authority for Directors and the executive management team concerning corporate governance rules and regulations.
      (Reference: Capital Markets Authority, Resolution No. 72 of 2015 regarding issuance of Executive Regulations of Law No. 7 of 2010 concerning the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended – Volume XV: Corporate Governance, Chapter 11, Articles 11.1 – 11.3)

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