Jordan Securities Commission (JSC) Requests Public Shareholding Companies to Enclose in the 2010 Annual Report an Independent Chapter of Companies Implementing the Corporate Governance Code.

Jordan Securities Commission (JSC) issued a circular to all Public Shareholding Companies listed at Amman Stock Exchange (ASE) requesting them to enclose in the 2010 annual report an independent chapter indicating implementing the Corporate Governance Code of Companies Listed at the ASE that was enforced in 2009.
This circular aims to enhance the principles of transparency & disclosure as a right to shareholders & investors. It also, emphasizes rights of all parties through obliging companies to adhere by rules & regulations to achieve a peculiar investment environment in the capital market & to enhance the management liabilities & duties of Public Shareholding Companies listed at the ASE.
JSC released circular of Dec.15.2010 aimed to remind companies of the importance of abiding by & implementing the Corporate Governance Code of Public Shareholding Companies Listed at the ASE. The Code is based on adhering with the articles of the Law stated in the effective legislations & other guideline rules that managements of companies listed at the ASE must abide by. In case these companies cannot abide by any of these rules in the annual report, they must provide clarifications that prevented them from doing so. It is worthy to mention, that the Corporate Governance Code is available on all JSC electronic websites & has been previously distributed & disseminated.
To implement the Securities Law, JSC emphasized the importance to fully abide by disclosure of all the required data by virtue of the Instructions of Disclosure, in particular disclosure of benefits & remunerations that Board of Directors & Executive Managements have upon enforcing the ‘Corporate Governance Code’ which enhance the Instructions of Disclosure.
In its circular, JSC stated that all listed Public Shareholding Companies at ASE must thoroughly adhere with all the cited legal requirements in the effective legislations. JSC also, aspires that entities subject to its surveillance must adhere by the law & legislative requirements in order to avoid any legal consequences resulting from any violation.