---
title: "QFMA Governance Code for List… | Insights — Lyoen & Partners"
url: https://lyoenandpartners.com/insights/qfma-governance-code-for-listed-companies-decision-no-5-of-2025-board-decision-making-integrity-and-minute-documentation-now-mandatory
description: "Qatar's updated Governance Code formalises board decision integrity requirements, mandating that dissenting directors record objections in meeting minutes…"
lang: en-US
---

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Monday, December 1, 2025regulation

# QFMA Governance Code for Listed Companies (Decision No. 5 of 2025): Board Decision-Making Integrity and Minute Documentation Now Mandatory

Qatar's updated Governance Code formalises board decision integrity requirements, mandating that dissenting directors record objections in meeting minutes, that the board document reasons for all senior management dismissals, and that CEO authority limits be explicitly set by the board — creating a traceable decision accountability trail. These provisions directly address the risk of undocumented or post-rationalised decisions, a common failure mode at fast-scaling mid-market companies. For SEA founders entering GCC capital markets or seeking GCC institutional investors, aligning internal board protocols to QFMA-standard decision documentation is now a due diligence baseline.

Sources

Qatar Financial Markets Authority (QFMA) (https://www.qfma.org.qa/English/rulesregulations/RulesDox/Governance%20Code%20for%20Listed%20Companies.pdf)

Topic: Decision Quality: https://lyoenandpartners.com/insights/topic/decision-quality
Region: Gulf (GCC): https://lyoenandpartners.com/insights/region/gcc

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