ABU DHABI – The Abu Dhabi Securities Exchange (ADX) has announced that listed companies must now disclose the agenda and schedule of their Board of Directors meetings at least two business days in advance, particularly when discussions involve matters that could impact the company’s stock price. This requirement aims to improve transparency and provide timely information to investors.
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In a circular issued by ADX, it was clarified that any decisions made during these Board meetings must be disclosed immediately after the meeting concludes, excluding the day of the meeting itself. For instance, if a company schedules a Board meeting for Friday, September 27, 2024, to discuss stock price-related issues, the agenda and meeting details must be disclosed by Tuesday, September 24, 2024. Missing this deadline would be considered a violation of ADX’s disclosure regulations.
The circular also reminded listed companies of their obligation to submit third-quarter financial reports in both Arabic and English through the Disclosure Electronic Services (E-Services) platform. ADX highlighted the critical importance of timely and accurate financial disclosures to uphold market transparency and safeguard the interests of investors and market participants.
In line with these rules, companies are required to submit a comparative financial report for the same period of the previous fiscal year, including financial statements audited by the company’s external auditor. These reports must be submitted within 45 days of the end of the relevant quarter. Additionally, the reports should include either a Board of Directors’ report or a Management Discussion and Analysis (MD&A), which must be signed by the Board or an authorized representative of the company.
Companies are also required to ensure that their financial reports are prepared according to International Financial Reporting Standards (IFRS) and approved by executive management. Financial statements must be disclosed either before or after the trading session in accordance with ADX’s Disclosure Guidelines for Joint Stock Companies.
ADX further emphasized that if financial data is not disclosed by 9:00 AM on the specified reporting day, the company’s trading will be suspended from 9:00 AM to 9:30 AM to ensure the safety and integrity of the trading session. If the required financial data is submitted during this time, trading will be allowed to resume after 9:30 AM.
These measures underscore ADX’s ongoing commitment to enhancing transparency, investor confidence, and adherence to international standards. By mandating clearer rules on the disclosure of Board meeting agendas and the timely submission of financial reports, ADX aims to foster a fairer, more transparent market environment, in line with global best practices.
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