The Oman Centre for Corporate Governance (OCCG) of the Capital Market Authority will organize y the announcement ceremony of the Third Corporate Governance Excellence Award for 2013 on Tuesday evening under the patronage of HE Yahya Said Al Jabri, Chairman of the Board of Directors of Duqum Special Economic Zone and Chairman of the Board of Directors of CMA  and the presence of a number  of excellencies, businessmen and chairpersons of public joint stock companies, insurance companies and companies operating in securities.

The award has witnessed competition by 20 companies regulated by CMA .

The competition aims at stimulating the companies to apply best corporate governance practices as it comprise all the companies licensed by CMA.

The companies are divided into three sectors i.e. banking and  financial sector, industry sector and services and insurance sector. The best company in the application of corporate governance will be announced today.

OCGC organizes this competition to emphasize Oman’s attention to corporate governance to face the challenges and for enhancing the  ability of the companies to compete in view of the fierce competition in the global market as dissemination and spreading corporate governance culture would stimulate investment and develop business environment in the Sultanate as many studies have concluded that application of corporate governance principles have positive impact on the economy and  enhances confidence  in company managements.  Crises have proven that good corporate governance practices assist the companies in overcoming such crisis due to ability to protect shareholders’ rights and through enhancing competitiveness.

Sayyid Hamid Sultan Al Busaidy, Senior Director of OCCG said the competition is very important in disseminating awareness among the various companies of the benefits of applying corporate governance principles and practices to avoid and mitigate risks of crisis and encouraging the companies  to comply with best practices of corporate governance to create competitive environment and enhancing investor confidence  to upgrade the efficiency of the stock market in supporting the national economy.