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Corporate Governance System in the Gulf Countries

In: Accounting, Finance, and Taxation in the Gulf Countries

Author

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  • Wagdy M. Abdallah

Abstract

In recent years, several events came to light regarding major business failures such as Enron Corporation, Dynergy, Tyco, Rite Aide, and Worldcom; most of the multinational companies (MNCs), including the ones working and operating in the developing countries, especially in the Gulf region, have recently been forced to ensure that goals of the management of the corporation are in line with the goals of the other major stakeholders through efficient corporate governance systems. In general, corporate governance systems vary all over the world; therefore, it is almost impossible to find one corporate governance system that fits all countries (Cruz 2006). For example, if the United Arab Emirates (UAE) or Kuwait adopts the American model, how will this affect the financial and nonfinancial performance of Saudi’s, Qatar’s, or Bahrani’s owned companies? And what is the best practice of corporate governance systems that would better align the interests of the board of directors and management with the interest of long-term stockholders in the Gulf countries?

Suggested Citation

  • Wagdy M. Abdallah, 2008. "Corporate Governance System in the Gulf Countries," Palgrave Macmillan Books, in: Accounting, Finance, and Taxation in the Gulf Countries, chapter 8, pages 155-171, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61454-3_8
    DOI: 10.1057/9780230614543_8
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