Companies Disclosure Achieves Transparency.

Disclosure is a Public Right. Shareholder Attendance at General Assembly Meetings & Liability for Managements of Companies is a Responsibility to Fulfill the Supervisory Process. Fines are not a Purpose, they are a Preliminary Notification of Liability for Managements of Companies
Since it is time to publish the results of 2010 fiscal year in annual reports of Public Shareholding Companies listed at Amman Stock Exchange (ASE) & subject to Jordan Securities Commission (JSC) supervision, (JSC) stresses on companies compliance with the provisions of Article (43) of the Securities Law of 2002 & of Article (4) of the Instructions of Issuing Companies Disclosure, Accounting & Auditing Standards of 2004 & submission of companies annual reports within a time limit of three months from fiscal year conclusion.
Moreover, (JSC) stresses on listed companies the importance of disclosure to the public & to investors, that annual reports of companies must include all financial data, all other relevant information about companies, disclosure declarations & clarifying rights & duties of the administration & of shareholders in order to achieve transparency, fulfill legal requirements & enhance the Corporate Governance Code. As well as, a detailed disclosure of auditors & all items of disclosure including benefits & remunerations of the chairman, members of the Board of Directors & senior management having executive powers. The ratio of salaries, benefits & wages to the volume of company expenditures is considered one of the key indicators to measure the efficiency & performance of managements of companies & how they are managed whether efficiently or inefficiently.
Previously, (JSC) emphasized on Shareholding Companies the necessity to disclose the fiscal year report of 2009 & it early circulated on companies to comply with detailed financial disclosure. The result of this circular is that the majority of companies complied with the required disclosure in 2009 reports. Preliminary procedures were taken against violators & as the Law stipulates fines were imposed. These fines intended to preliminary notify managements of companies of precautionary measures prior taking other legal actions in case companies do not comply with the Law. The primary aim of (JSC) in imposing fines is to preliminary notify violating companies & warn them. While, (JSC) supreme aim is to provide the public with financial information, data & to publish these as a right to them at legally specified dates & not to disclose these after publishing the annual reports. It is unacceptable to leave minor shareholders & investors whether locals, Arabs or foreigners awaiting information or lack of it even temporarily or as a result of delay or inefficiency or negligence of some managements of companies. (JSC) departments will pursue this & disclose to the public, names of violating companies & register violations in its professional records as deemed legally proper.
To seek the truth of companies performance, contributions & efficiency in managing shareholders funds, (JSC) requests attendance of minor & senior shareholders of Public Shareholding Companies at ordinary & extraordinary annual general assembly meetings, pursuing annual periodic reports & pursuing companies reports published by the (JSC) on electronic websites. It is also a supervisory liability for shareholders to attend Public Shareholding Companies general assembly meetings (the Companies Parliament) & although it is a voluntarily act, it is essential to protect the interests of shareholders. Any shareholder witnessing tumbles or sliding in his funds & remoteness from managements of companies responsibilities & can prove so, may submit his complaint to national supervisory entities, so that the supervisory process on companies performance is fulfilled.
  
(JSC) efforts to enforce disclosure in Public Shareholding Companies & to enhance it in all items indicated in the annual report in a thorough & clear manner are considered a national economic interest duty that assists in moving the economy at a progressive international rank. It is also, a duty that protects the interests of investors in securities. Moreover, a legal right that provides investors with thorough information, thus enhancing their choices & basing their investment decisions on integral, proper & timely information.