2.8 Corporate governance regulations in other nations

Question 1

Channel Islands - There are no generally applicable governance regulations in the Channel Islands beyond the general fiduciary duties of directors that exist in company law.

When do governance codes apply to entities in the Channel Islands?

Answer 1

When a company is a subsidiary of a UK or other national parent company, the entity must comply with some or all of the relevant regulations in the home state of their parent.

Question 2

United Araba Emirates - The UAE’s governance regime focuses on listed companies, but in what way does it differ from other countries’ approach to governance?

Answer 2

The UAE does not use a comply or explain approach, and contravention of the principles can lead to fines of AED 10,000,000.

Question 3

Kenya - Kenyan governance is modelled on the UK regime, including the UK Code. What is the name of the Kenyan Code?

Answer 3

The Kenyan Code of Corporate Governance for Issuers of Securities to the Public.

Question 4

Nigeria - Originally developed a code of best practice in 2003 following the comply and explain model. When was this code last reviewed?

Answer 4

April 2011

Question 5

Russian Federation - What are the three strands of formal regulation on governance?

Answer 5

1 The Civil Code of the Russian Federation
2 Federal regulation on limited liability and joint stock companies
3 Central bank regulations on the issue of shares