Ahmed Al Kiswani, Executive Director, Risk Management, Compliance and Corporate Governance at Boursa Kuwait, said: “We are immensely proud to have received the ‘Best Securities Exchange Corporate Governance GCC’ award, which is a true testament to our relentless pursuit of excellence and unwavering commitment to adopt the best standards and practices in corporate governance. A key milestone in Boursa Kuwait’s journey, this award will enable the company to further cement its position as a leading regional stock exchange and help further elevate its international profile. On behalf of Boursa Kuwait, I would like to extend my deepest gratitude to the readers and judging panel of CFI.co for honoring our efforts and to the Capital Markets Authority (CMA), Boursa Kuwait’s Board Members and CEO, for their continued support which without, this achievement would not have been possible”.
The CFI.co Awards 2018’s panel of judges commended Boursa Kuwait’s tireless efforts in revamping its operating practices, noting that they have been yielding results, ever since its inception in 2014 following Kuwait’s privatization of the country’s stock exchange. The company has pursued an overhaul of all aspects of its operations to create a transparent capital market platform, which adheres to rigorous international governance standards.
The judges’ report stated: “The CFI.co judging panel salutes continuous development process and robust corporate governance framework of the exchange, and presents Boursa Kuwait with the 2018 award for Best Securities Exchange Corporate Governance (GCC)”.
The panel also took Boursa Kuwait’s initiatives, including the segmentation of its market as the premier market, the main market, and the auction market, as well as reforms aimed at streamlining settlement cycles and listing requirements, into consideration while making the judgment.
In addition, the judges noted that Boursa Kuwait’s strategic vision has garnered international recognition and pushed the exchange one step closer towards its goal of global integration with financial markets and exchange, and that the company’s recent inclusion in the FTSE Russell Emerging Markets Index resulted in a major inflow of foreign investment. Furthermore, the judging panel shared its optimism that the Boursa Kuwait’s plans to introduce new investment products, such as short-sell SLB and REITs, among others, and the impending status upgrade from Morgan Stanley Capital International (MSCI), as well as the expected initial public offering (IPO) of the company in early 2019, which will be followed by a new wave of IPOs on the exchange, will help increase inflow of foreign investments.
The CFI.co awards, which aim to identify and reward excellence across industries, also consider input from readers, subscribers, and contributors of the CFI.co magazine.