x Abu Dhabi, UAEWednesday 26 July 2017

Passing of UAE companies law delayed again

The council was scheduled to convene today to debate the remaining four articles of the 377-article law, but were told by the Minister of State for FNC Affairs that it would be postponed.

ABU DHABI // The FNC will have to wait to complete its debate on the new Companies Law, members were told on Tuesday.

The council has already spent four days discussing the law and was due to convene yesterday to debate the remaining four articles.

Instead, members were told by the Minister of State for FNC Affairs, Dr Anwar Gargash, that the debate would be postponed.

Members said that they were confused about the reason for the delay, as the council’s finance committee had finished discussing the remaining laws with Ministry of Economy officials this week in a closed meeting.

The law only needed to be discussed publicly with the council and the Minister of Economy, Sultan Al Mansouri, then passed by the council.

The articles still to be finalised included the legal definition of corporate social responsibility, voting rights, definitions of kinship and types of firms covered by the law.

Dr Gargash’s letter said only that the meeting was postponed to allow further time for the law to be discussed.

While members were only told on Tuesday of the delay, media outlets were told on Monday that the Minister of Economy had another scheduled appointment in Dubai.

osalem@thenational.ae