Oman Center for Corporate Governance and Sustainability organized a workshop on Effective Governance for social Insurance Authority at Shangri-La, Bar Al Jissa for the Board members and Executive Directors of the Social Insurance Authority as they reached to 24 participants within whom was H.E Chairman of the Authority, H.E Chairman of Oman Chamber for Commerce and Industry, and Head of Labour Union of Oman.

The workshop discussed the importance of governance and activating it in  the institutions. The trainer, Mr. Hisham Danana explained that corporate governance is the best way for enabling boards to achieve the goals of the institutions and practice their authorities. He added that it is the most efficient method for facing difficult economic environments and explained the general framework for governance of social insurance institutions. He provided a detailed explanation for the concept of authorities’ governance which is an effective frame for directing their management and supervising their performance, and is considered a structure where roles and responsibilities are divided and specified for each of the board, executive management and shareholders. I also specifies clearly the rules and procedures of taking decisions, and provides a structure for achieving goals and following-up the performance. The trainer also mentioned the four foundations of governance which are; accounting, transparency, fairness and responsibility, while the Governance Guideline includes five basic principles represented in; Accountability, participation and transparency, dynamism and prediction. The workshop also provided an explanation for the difference between each of; the board of directors and the executive management and the strategic role of the board, and the importance of the planning stage. It also mentioned the committees following the board that qualifies the board to deal more efficiently with significant number of issues, to develop experiences inside the institutions, and to promote the concept of objectivity and independency within the board. He also discussed the role and specifications of the board secretary, and the importance of planning for future leaders was presented as well. Finally, risk management was emphasized with a mention to its features, methods, assessment tools approved.

On the importance of this workshop, Said Hamed Al Busaidi, Director General of Supporting Services, and Acting Director of Oman Center for Corporate Governance and Sustainability expressed by saying; ‘this programme comes by the Center’s role and responsibility in spreading awareness on governance through institutions’ managements either in the private or public sectors. Applying best administrative practices is considered a warranty to face a lot of administrative and financial challenges. Moreover, the concept of risk management requires applying good governance principles. Al Busaidi clarified that governance practices and complying with good governance principles are crucial to all institutions in the private sector like; family companies, public stock companies, government companies, pension funds, besides the governmental institutions in the public sector. Thus, the need for applying these practices in the business environment is now more demanding and insisting that guarantees fulfilling achievements at the highest qualities’. 

The workshop witnessed good interaction by participants due to the distinguished content and the method used in presenting it through images and useful mental exercises.