The Capital Market Authority represented by Oman Corporate Goverance Centre (OCGC) launched the third version of Corporate Governance Excellence Award for the year 2013 at the Muscat Intercontinental Hotel under the patronage of HE Sheikh Abdullah Salim Al Salmi, Executive President of CMA and the attendance of officials and officers from the public and private sector.

 

HE the Executive President delivered an opening speech in which said OCGC has launched the award on recommendation by the first corporate governance conference which was held in May 2008 under the theme “Enhancing Confidence Through Corporate Governance” pointing out that the award is the first of its kind in the region and applies to listed companies.

 

Increased Awareness:

 

Al Salmi said the experience was successful in the first and second versions which prompted us to direct launching the third version of the award which aims at increasing awareness of transparency, accountability and competition among the companies and encouraging the application of best corporate governance practices to spur  fierce competition which is real success for the competing companies as an indicator of compliance which would benefit the national economy.

 

Al Salmi added that enhancing confidence in the reputation of companies is mainly based  on the compliance with corporate governance practices transparently and efficiently. The matter goes beyond enhancing confidence to the promoting  business environment and business environment  requires following sound and strong rules so as the companies can be able to compete and withstand the challenges. He added CMA is exerting efforts to contribute to the awareness side on the development of the competitiveness of the private sector for continuity and sustainability of growth and expansion. The  achievements in all respects are a result of awareness and deepening of partnership with companies  with the hope of upgrading the levels of transparency, disclosure and compliance with corporate governance principles with regard to increasing market depth and provision of sound investment environment.

 

Strengthening Sound Practices

 

HE the Executive President Expressed his pleasure for the growing application of corporate governance principles in the Sultanate which have grown remarkably since the establishment of CMA.

 

OCGC has concluded an agreement with Daqm Special Economic Zone Authority  to prepare a guiding manual for corporate governance concurrently with the  launching  of promising economic renaissance in the Sultanate  represented by the huge investment projects with the hope that compliance with corporate governance would lead to strengthening the sound practices, transparency and contribution to enhancing confidence in the investment environment and maximization of profits and attraction of capital.

 

Future Vision

 

The Director of OCGC Sayyid Hamid Sultan Al Busaidy presented a paper on OCGC and its future visions stating that OCGC is specialized advisory, training and awareness centre with reputable standing on the regional level and enjoys the confidence of regulators on the domestic and regional areas as well as directors and concerned parties contributing in furnishing attractive and business friendly investment environment for business community in particular and the Omani economy in general.

 

He pointed out the object of OCGC is spreading corporate governance awareness and improving corporate governance practices of the directors of companies, executive managements and other parties in the Sultanate through training and qualification. He said  the services OCGC renders include research and studies in corporate governance and paving the way for cooperation with international organizations, issuance of codes and  manuals for companies.

 

He added OCGC would  provide awareness programmes including activation of the role of directors and  consultancies and planning corporate governance compliance on request by the companies.

 

He added CMA represented  by OCGC is keen to organize the award to increase corporate awareness of the importance of applying corporate governance practices.

 

Awareness Prgrammes:

 

Al Busaidy said OCGC is keen to invite the companies to take part in the award which is based on four pillars i.e. good governance which independence and efficiency of the board, transparency and disclosure, risk management and control, and shareholders rights and obligations. There are  additional issues in evaluation such as application of corporate governance and corporate social responsibility.

 

OCGC was established by a decision of the Council of Ministers in 2009 to be supervised by CMA to disseminate the corporate governance culture  in the Sultanate and the training, qualification and development of directors.