Palestinian Capital Market Authority PCMA

 

New Reporting Regulations

 

The Palestinian Capital Market Authority PCMA board of directors issued new reporting regulations for publicly traded companies on 21 November 2012 as follows:

1. Required disclosure on salaries, and related benefits paid to Board of Directors in a detailed schedule for Board of Directors benefits including directors name and compensation for attending board meetings paid during the financial year or any other financial compensation whether direct or indirect such as loans or collaterals.

2. Required disclosure on executives' salaries in a detailed schedule including names of executives, salaries paid during the financial year  or any other financial compensation whether direct or indirect such as loans or collaterals.

3. Required disclosure on committees branching from the Board of Directors, whether temporary or permanent, including authorities and responsibilities of the committees. if no committees exist, the disclosure must clearly state so.

4. The annual disclosure must elaborate on the company's policy on Social Responsibility concerning the environment and the local community, which is clear, not misleading and applicable; if no Social Responsibility policy exists, or there were no contributions to the community, the disclosure must clearly state so.

5. All listed companies are required to set up their own web site that includes all related documents and reports that inform the investors, including at the least the company's bylaws, incorporation documents, a brief curriculum vitae of all board members, executives, and majority shareholders; and annual reports for the last three years.