Voting Quality Score
A composite assessment of shareholder voting rights and governance mechanisms across GCC listed companies. Combines board independence, committee oversight, meeting attendance, related-party transparency, ownership concentration, share structure, and governance risk into a single 0-100 score.
Companies Scored
1,961
Avg Score
18
Median Score
13
Top Score
76
Data Completeness
29%
Grade Distribution
Score Distribution
Top Companies by Voting Quality
| # | Company | Exchange | Score | Grade | Independence | Committees | Attendance | RPT Disclosure | Minority Prot. | 1S1V | Gov Risk | Data % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  ZAIN Mobile Telecommunications Company K.S.C.P | BK | 76 | B | 100% | |||||||
| 2 |  KFH Kuwait Finance House K.S.C. | BK | 65 | B | 86% | |||||||
| 3 | KFH Kuwait Finance House K.S.C. | BHB | 65 | B | 86% | |||||||
| 4 |  FAB First Abu Dhabi Bank | ADX | 61 | B | 71% | |||||||
| 5 |  SALIK Salik Company PJSC | DFM | 59 | C | 100% | |||||||
| 6 |  AMR Americana Restaurants International PLC | ADX | 58 | C | 86% | |||||||
| 7 |  ADPORTS Abu Dhabi Ports Company PJSC | ADX | 57 | C | 86% | |||||||
| 8 |  EMAAR Emaar Properties (P.J.S.C) | DFM | 57 | C | 71% | |||||||
| 9 |  4084 Derayah Financial Company | TDWL | 56 | C | 71% | |||||||
| 10 |  BURJEEL BURJEEL HOLDINGS PLC | ADX | 56 | C | 100% | |||||||
| 11 |  FERTIGLB Fertiglobe plc | ADX | 56 | C | 86% | |||||||
| 12 |  ADNIC Abu Dhabi National Insurance Company | ADX | 54 | C | 71% | |||||||
| 13 |  ADNOCDRILL ADNOC Drilling Company PJSC | ADX | 54 | C | 86% | |||||||
| 14 |  2330 Advanced Petrochemical Co. | TDWL | 53 | C | 57% | |||||||
| 15 |  EAND Emirates Telecom. Group Company (Etisalat Group) PJSC | ADX | 53 | C | 71% | |||||||
| 16 |  DIB Dubai Islamic Bank PJSC | DFM | 52 | C | 71% | |||||||
| 17 |  MCGS Medicare Group QSC | QSE | 52 | C | 57% | |||||||
| 18 |  QATI Qatar Insurance Co. | QSE | 52 | C | 57% | |||||||
| 19 |  QGMD Qatar German For Medical Devices | QSE | 52 | C | 57% | |||||||
| 20 |  QIMD Qatar Industrial Manufacturing Co. | QSE | 52 | C | 57% | |||||||
| 21 |  QNNS Qatar Navigation QSC | QSE | 52 | C | 57% | |||||||
| 22 |  ADNOCGAS ADNOC Gas plc | ADX | 50 | C | 100% | |||||||
| 23 |  ARBK Arab Bank PLC | ASE | 49 | C | 57% | |||||||
| 24 |  GISS Gulf International Services QSC | QSE | 49 | C | 57% | |||||||
| 25 |  IHGS Inma Holding Company | QSE | 49 | C | 57% | |||||||
| 26 |  MERS Almeera Consumer Goods Co. QSC | QSE | 49 | C | 57% | |||||||
| 27 |  QFBQ Lesha Bank L.L.C | QSE | 49 | C | 57% | |||||||
| 28 |  4030 National Shipping Co. of Saudi Arabia | TDWL | 48 | C | 71% | |||||||
| 29 |  7204 Perfect Presentation for Commercial Services Co. | TDWL | 48 | C | 57% | |||||||
| 30 |  NBK National Bank of Kuwait K.S.C. | BK | 48 | C | 86% | |||||||
| 31 |  DBIS Dlala Brokerage and Investment Holding Company | QSE | 46 | C | 57% | |||||||
| 32 |  7010 Saudi Telecom Co. | TDWL | 45 | C | 71% | |||||||
| 33 |  BRES Barwa Real Estate Co. | QSE | 45 | C | 57% | |||||||
| 34 |  EMIRATESNBD Emirates NBD Bank (P.J.S.C) | DFM | 45 | C | 57% | |||||||
| 35 |  QEWS Nebras Energy | QSE | 45 | C | 57% | |||||||
| 36 |  WDAM Widam Food Company Q. S. C | QSE | 45 | C | 57% | |||||||
| 37 |  1120 Al Rajhi Bank | TDWL | 44 | C | 71% | |||||||
| 38 |  GWCS Gulf Warehousing Co. | QSE | 44 | C | 57% | |||||||
| 39 |  QGRI Qatar General Insurance & Reinsurance Company Q.P.S.C. | QSE | 44 | C | 57% | |||||||
| 40 |  1020 Bank Aljazira | TDWL | 43 | C | 71% | |||||||
| 41 |  2310 Sahara International Petrochemical Company | TDWL | 43 | C | 71% | |||||||
| 42 |  ADNOCDIST Abu Dhabi National Oil Company For Distribution | ADX | 43 | C | 71% | |||||||
| 43 |  ALPHADHABI Alpha Dhabi Holding PJSC | ADX | 43 | C | 71% | |||||||
| 44 |  MRDS Mazaya Real Estate Development Company | QSE | 43 | C | 57% | |||||||
| 45 |  QGTS Qatar Gas Transport Co. | QSE | 43 | C | 57% | |||||||
| 46 |  QNCD Qatar National Cement Co. | QSE | 43 | C | 57% | |||||||
| 47 |  2222 Saudi Arabian Oil Co. | TDWL | 42 | C | 71% | |||||||
| 48 |  4200 Aldrees Petroleum & Transport Services Co. | TDWL | 42 | C | 71% | |||||||
| 49 |  4250 Jabal Omar Development Co. | TDWL | 42 | C | 71% | |||||||
| 50 |  8313 Rasan Information Technology Co. | TDWL | 42 | C | 71% |
By Exchange
QSE
37
avg score (55 cos)
TDWL
27
avg score (385 cos)
ADX
24
avg score (98 cos)
BHB
23
avg score (17 cos)
DFM
21
avg score (70 cos)
BK
19
avg score (136 cos)
MSX
19
avg score (85 cos)
ASE
14
avg score (193 cos)
EGX
13
avg score (252 cos)
BIST
13
avg score (568 cos)
ISX
13
avg score (102 cos)
Methodology
Scoring Framework (0-100): Seven dimensions capture the quality of shareholder voting rights and governance mechanisms.
- Board Independence (20 pts): Ratio of independent directors. 50%+ = full marks.
- Committee Structure (15 pts): Coverage of key committees (audit, remuneration, nomination, risk, Shariah).
- AGM / Meeting Attendance (15 pts): Average board meeting attendance percentage.
- RPT Disclosure (15 pts): Related-party transaction transparency — existence, amounts, and categorization.
- Minority Protection (15 pts): Inverse of ownership concentration. Lower top-holder % = better minority protection.
- One-Share-One-Vote (10 pts): GCC markets generally follow OSOV. Full marks awarded absent dual-class data.
- Governance Risk (10 pts): Scaled from existing governance risk score (0-100 mapped to 0-10).
Data Completeness: Shows what percentage of the 7 data sources are available for each company. Companies with less than ~30% data completeness are excluded.
Limitations: Scores reflect available data only. Many GCC companies lack independence flags, committee disclosures, or attendance records. The one-share-one-vote dimension awards full marks by default since dual-class structures are rare in GCC markets. Scores will improve as data coverage expands.
This analysis is based on available data and disclosed methodology. Our models estimate outcomes using specific inputs and assumptions — the methodology is described on this page. Observations may not account for all relevant factors. This content is provided for educational and informational purposes only.
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