DP World Limited (the Company) is incorporated in the Dubai International Financial Centre (DIFC) and was admitted in 2007 to the official list of securities on NASDAQ Dubai. In June 2011, the Company’s shares were admitted to trading on the Main Market of the London Stock Exchange. Following the delisting from the London Stock exchange which took effect on 21 January 2015, the Company was subject solely to the regulatory obligations of the DIFC Markets Law and the various rules made by the Dubai Financial Services Authority thereunder (together with DIFC Markets Law, the NASDAQ Dubai Rules). The Board reviewed and monitored the policies and procedures that were in place during the year to ensure compliance with the Corporate Governance principles of the NASDAQ Dubai Rules.
For the year ended 31 December 2015, the Company complied with the provisions of the NASDAQ Dubai Rules other than paragraph 20 of App 4 to the NASDAQ Dubai Rules in that the Chairman did not meet the independence criteria laid out in paragraph 31 of App 4 to the NASDAQ Dubai Rules at the time of his appointment. The Chairman, Sultan Ahmed Bin Sulayem, was Chairman of Dubai World and Port & Free Zone World FZE at the time that DP World was admitted to listing in Dubai and remains one of Port & Free Zone World FZE’s representatives on the DP World Board.
Deepak Parekh, Senior Independent Non-Executive Director, chairs the Nominations and Governance Committee and, together with the Chairman, leads on governance matters and the annual performance review of the Board and its Committees. The Board believes that this Senior Independent Non–Executive Director’s support ensures that robust governance is maintained and that appropriate challenge to the Executive Directors is in place.
The Company continues to be subject to the NASDAQ Dubai Rules. The Directors believe that the these rules, including the mandatory corporate governance principles enshrined in them and the best practice standards which support the principles, provide a robust basis on which to maintain corporate governance best practice for the benefit of the Company’s shareholders.
The Board of Directors manages the Company’s business and its primary responsibility is to foster the long-term success of the Company.
In 2013, the Board evaluation was facilitated internally by the Board Legal Adviser and Company Secretary.