Corporate Governance in Kuwait: the role of merchant families
This thesis explores why there is no corporate governance code in Kuwait. It applied the new institutional sociology theory to explain the dominant logics; the community of practices, whether the current companies Act (article 15) is adequate and whether these practices coincide with international codes, such as the OECD principles of corporate governance, and the UK combined code. Twenty-three interviews have been conducted and 819 questionnaires have been distributed to legislators, regulators, board members, executive managements, and investors to explore their perceptions about the current practices and the factors preventing the issuance of a corporate governance code in Kuwait. The findings confirm that there is one community of practices within the organisational field of listed companies that contradicts the international normative practices around the world. This refers to the fact that the current Act has become outdated and weak as a result of the political pressure exerted by the merchant families‘ party in the parliament who have established a network of actors between them and the government to prevent the issuance of any act that would threaten their power and control over the listed companies.
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