The Abu
Dhabi Chamber of Commerce's Center for Corporate
Governance recently organized a seminar on the governance of small- to medium-sized entities (SMEs) at the Chamber’s tower in
Abu Dhabi.
The seminar
focused on how unlisted SMEs function in stock markets
and how they relate to monitoring and supervising authorities.
Adel Lutfi,
executive director of Emirates CoreNiche Consultancy, said a lack of leadership in the form of a board of directors influences
the poor governance of SMEs. Other factors include a lack of clear
distinct responsibilities and delegation of powers, future strategic plans for
growth and incentives or plans to retain worthy managers. Lutfi also said many SMEs struggle to cope with changing market trends.
Lutfi
said governance is of the utmost importance for SMEs because it protects the rights
of owners, employees, customers, creditors, suppliers, local authorities and society.
Governance also plays a role in delivering sustainability.
Lutfi noted that studies in the United States, Canada, Europe, Australia and
Latin America have found that family businesses, a type of SME, account
for the majority of private businesses and have a significant impact on the economic
growth of a nation.
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