Senate endorses corporate draft law

AMMAN — A Senate joint committee of the legal and finance and economy panels on Tuesday endorsed the 2017 corporate draft law as referred from the Lower House.

The draft law regulates the work of companies through applying the rules of company governance, enhancing the monitoring authorities of shareholders at public liability companies, cancelling the holding of simultaneous chairmanships of boards of directors and director general posts, the Jordan News Agency, Petra, reported.

The bill also regulates the business environment by having a new form for companies, providing the legal requirements necessary for establishing venture capital companies and helping struggling companies to rectify their situations, Petra added.