Oman's market regulator setting minimum benchmark for ethical corporate behaviour

Business Sunday 29/May/2016 13:30 PM
By: Times News Service
Oman's market regulator setting minimum benchmark for ethical corporate behaviour

Muscat: Capital Market Authority (CMA), under the leadership of its executive president Abdullah Salim Al Salmi, has undertaken the task of promoting transparency and accountability in the corporate sector to boost investor confidence and protect all stakeholders, said Mohamed Said Al Abri, director general of CMA.
“This is being achieved by comprehensive review and revision of CMA regulations to set benchmark for the ethical corporate behavior,” added Mohamed Said Al Abri, in his address as chief guest at the 8th Annual International Conference on ‘Transformation and excellence with ethics’, organised by the Muscat Chapter of The Institute of Chartered Accountants of India (ICAI).
The event was attended by more than 300 delegates from Oman and other Gulf Cooperation Council (GCC) states. Guests of honour included Gloria Gangte, Charge De Affairs of Indian embassy; M. Devaraja Reddy, the president of ICAI and Dr Ahmed Mohsin Al Ghassani, the dean of College of Banking and Financial Studies (CBFS).
While lauding the role of chartered accountants, Al Abri said: “I am pleased to acknowledge the role which chartered accountants play either as part of the management or in the role of auditors to formulate, implement and monitor overall ethical behaviour of the organisation where they work.”
Addressing the conference, Dr Ahmed Mohsin Al Ghassani also highlighted the importance of ethical behaviour in the overall benefit of the organisations and the society.
The two-day conference hosted several technical speakers, researchers from Oman and overseas who presented their views on the subject including Ashok Haldia, the former secretary of ICAI; Adil Rao, the director of Deloitte; Chris Cain of PwC; Ahmed Ali Al Mukhaini of CMA; Dr Rama Subramaniam, Rajesh Vekiteshwaran of Vision Investments and R. Vittal Raj.
A motivational session titled ‘Being wthical, how difficult it is ? ” was also conducted by renowned motivation speaker and trainer Satish Mandora as part of the conference.
The dean of CBFS and ICAI president also signed a memorandum of understanding (MoU) on mutual cooperation at the event. A souvenir was released by guests to commemorate the conference.