---
title: "Chairman of the Authority's B… | Insights — Lyoen & Partners"
url: https://lyoenandpartners.com/insights/decision-no-7-rm-of-2016-institutional-discipline-and-governance-of-public-joint-stock-companies-standards
description: "Issued in Abu Dhabi on 28 April 2016 and served as a consolidated text carrying fifteen numbered amendment footnotes from Decisions 3/R.M and 33/R.M of 20…"
lang: en-US
---

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Thursday, April 28, 2016rulebook

# Chairman of the Authority's Board of Directors' Decision No. (7 R.M) of 2016 concerning Institutional Discipline and Governance of Public Joint Stock Companies Standards

Issued in Abu Dhabi on 28 April 2016 and served as a consolidated text carrying fifteen numbered amendment footnotes from Decisions 3/R.M and 33/R.M of 2019. Article 15(D) provides that where a related party transaction decision is issued by consensus the whole board is liable for damages, that dissenting directors are not liable if they recorded their objection in the minutes, and that a director who did not attend remains responsible unless he proves he was unaware or unable to object. Article 16 requires a standing Related Parties register; the decision was expressly cancelled by Article (2) of Decision no. (3/Chairman) of 2020, which reproduces the minuted-dissent wording unchanged.

Sources

Securities and Commodities Authority, United Arab Emirates (https://regulations.sca.gov.ae/en-us/service/getregulationbyidaspdf/114)

Region: Gulf (GCC): https://lyoenandpartners.com/insights/region/gcc

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