UAE companies law edges towards final approval

ABU DHABI // The long-awaited companies law should finally be passed by the FNC tomorrow.
After 23 closed meetings of the finance committee and four public sessions of the full council with the Minister of Economy, Sultan Al Mansouri, the council is set to approve the final four articles of the 383-article draft law.
The law, which regulates how companies should be run and contains rules on corporate social responsibility and voting rights, was first debated in February, but at the ministry's request was passed back to the committee for further discussion with the government.
The council will also debate the policies of the Ministry of Economy with Mr Al Mansouri.
The committee, and the Minister, had asked to postpone the debate until after the summer recess, because the merging of the ministry with the Ministry of Foreign Trade earlier this year meant the committee's report needed to be amended.
However, other FNC members demanded that the debate be held before the recess, which is due to start in late June.
The debate will cover laws and regulations governing the work of the ministry, the strategy of the ministry, industrial legislation, economic development, and consumer protection and quality control.
Members will also direct seven questions to two senior government officials- Dr Hamdan Al Mazroui, head of the General Authority of Islamic Affairs and Endowments, and Obaid Al Tayer, the Minister of State for Finance Affairs and deputy head of the General Authority for Pensions and Social Insurance.
Hamad Al Rahoomi (Dubai) will ask Dr Al Mazroui again about a ban on imams practising faith healing.
Marwan bin Ghalita (Dubai) will also ask Dr Al Mazroui about the lack of Emirati imams and muezzin.
Mr Al Tayer will then be questioned by Mossabeh Al Kitbi (Sharjah) about early retirement for women), by Dr Abullah Al Shamsi (Ajman) about pensions for Emiratis who retired before 2008, and about making it easier to register deaths with the pension fund.
Earlier this month, Mr Al Tayer declined to answer these questions, because the authority's board was in the process of being reshuffled.
Mr Al Rahoomi will then ask for Emirati federal employees who have worked long enough to receive a pension to be allowed to continue to do so even if they are still working for a combined pension and salary of more than Dh9,000.
Currently, those earning less than Dh9,000 can receive a pension in addition to their salary. However, Mr Al Rahoomi said that since pensions have been raised to a minimum of Dh10,000, that cap should be lifted.
The public session will be held at the FNC headquarters in Abu Dhabi starting at 9am.
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