CmaBoardReleases
Title: Press Release: An Honoring Ceremony for CMA’s Strategy Team (2023/2024-2026/2027)
Kuwait, May 6, 2023 – The Capital Markets Authority held an honoring ceremony on Thursday 4/5/2023 for CMA’s Developing Team of the Strategic Planning Methodology and its third Strategy Planning Team, in the presence of Prof. Ahmad Al-Melhem – Chairman of CMA Board of Commissioners and Managing Director. The third strategic plan is a continuation of the CMA’s achievements, by a working team of specialized national cadres led by the Strategies Office. This is considered a response to the next stage’s requirements, and to keep pace with local and international changes and trends in line with the state’s directions to contribute effectively to achieving "Kuwait Vision 2035". It is also an implementation of CMA’s roles pursuant with the law of its incorporation and its vision in developing the financial markets sector in the State of Kuwait. The components of the strategic plan are considered a road map set to strengthen efforts and direct the resources to ensure the consistency of the organizational units work to transfer the CMA from its current status to the targeted position at the end of the plan.
It should be noted that the CMA has worked on preparing its draft strategy according to a new methodology that it had previously developed in the project that it launched in September 2020. It aimed to develop the CMA's strategic planning practices in line with the leading international best practices. Through this project, a new framework for strategic planning and management was designed to be a reference in designing and preparing the CMA's future strategies, by conducting interviews with stakeholders who influence the CMA’s strategy, analyzing the documents and practices of the strategic planning cycle, leading to the development of a comprehensive report to diagnose the current situation, including gaps and corrective solutions, and finally the issuance of a guide to the strategic planning methodology developed according to the best practices. This was followed by holding training courses to familiarize all job levels in the CMA with the new strategic planning methodology and the models and templates used in it, in addition to developing a plan for managing communication and change and preparing the implementation team to start applying the new methodology. The CMA also worked in parallel at that time to prepare a digital transformation strategy, which it launched in October 2021.
The CMA has launched the work of preparing its third strategy on March 30, 2022 by holding a workshop in the presence of the Managing Director and forming a specialized team led by the Strategic Office, with the participation of various CMA’s sectors in coordination with all parties to implement many of the main tasks and deliverables within the scope of the work of preparing the CMA’s third strategy. The first stage of the strategic planning methodology (the preparation and analysis stage to prepare the plan). The CMA has worked through this stage to conduct environmental surveys from an internal and external analysis that affects the various stakeholders and to study the influences surrounding the CMA’s work in order to determine the desired strategic aspirations for the upcoming period. In order to reach the strategic aspirations targeted by the CMA and draft them clearly and realistically, the environmental scanning operations included polling the opinion of stakeholders related to the CMA’s work internally and externally, who influence its strategy. Those bodies were identified and classified into (4) main categories that include (41) international and local entities, to define the practices and standards required to fulfill the CMA’s roles at international and local levels, and to achieve the aspirations and needs of clients. The CMA has communicated with all relevant stakeholders, in order to identify their relevant needs that require the contribution of the CMA and the CMA Academy within the period from 2023 to 2027, with a request for any other observations or proposals to be added in the context of the CMA’s next strategy in the aforementioned period. This was done by publishing a general opinion poll on the CMA’s website on May 29, 2022 with a notification to all those who are registered in the CMA’s electronic portal and listed companies in the main market and brokerage companies. The survey was announced on the CMA’s main page and its accounts on social media. Additionally, it contacted various authorities related to its work, the most important of which are the Ministry of Commerce and Industry, the Central Bank of Kuwait, Boursa Kuwait and Kuwait Clearing Company. It also communicated with other government agencies for this purpose, such as Kuwait Anti-Corruption Authority, Kuwait Financial Intelligence Unit, Kuwait Direct Investment Promotion Authority, and the Insurance Regulatory Unit, in addition to local authorities such as the Union of Investment Companies, the Kuwaiti Economic Society, the Financial Analysts Society, Kuwait University, and the Kuwait Chamber of Commerce and Industry. This is to seek their views in this regard, and then receive the responses of various relevant authorities to know their aspirations, visions, needs and areas of cooperation for the upcoming period, and the CMA’s role in achieving those aspirations. It is considered the first stage through which the change in the agenda was defined, and it is the basis in defining the components of the third strategic plan, including vision, mission, values, pillars, strategic goals, initiatives and indicators. After that, the preparation of the implementation plan begins, and later it is detailed in the operational plans.
The second phase (the stage of drafting the strategic plan) was completed to define the strategic priorities, vision, mission and values of the CMA, in addition to defining the pillars of the plan, objectives, indicators and strategic initiatives. This stage is meant to be an introduction to the preparation of the final strategic plan document and the executive plan. This shall be followed by the completion of the third phase’s work of CMA’s strategic planning methodology, which is represented in preparing the executive plan and empowerment plans in coordination with the CMA's sectors and its various organizational units.
In conclusion, the CMA extends its sincere thanks to all those who contributed and participated from the State’s institutions, whether from the public sector or the private sector, and all CMA employees in the success of its efforts towards developing the capital markets sector in the State of Kuwait. Ambitions do not stop at previous achievements, but we are always looking forward to more progress and success to create a better economic future.
Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw
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