QFMA Governance Code for Listed Companies: CEO Accountability and Board Oversight of Strategy Execution

Qatar's QFMA Governance Code (Board Decision No. 5 of 2025) establishes that CEOs are directly responsible for implementing Board resolutions and approved strategies, with the Board retaining authority to define and restrict CEO powers in transactions and operations. The Code also mandates that the Chief Compliance Officer report to both the CEO and the Board on the overall compliance oversight framework, reinforcing dual accountability. This architecture — where the board owns strategy and the CEO owns execution within board-defined guardrails — is the operating model SEA mid-market boards should benchmark against.