Muscat bourse signs deal with corporate governance centre

Business Wednesday 17/February/2016 19:22 PM
By: Times News Service
Muscat bourse signs deal with corporate governance centre

Muscat: Oman Centre for Governance and Sustainability (OCGS) has signed a memorandum of understanding with Muscat Securities Market (MSM) for mutual cooperation, provision of consultancy services on governance and sustainability principles, dissemination of awareness on corporate governance and social responsibility, enhancing competition and facing challenges.
The MoU was signed by Sayyid Hamid Sultan Al Busaidy, executive director for OCGS and Ahmed Saleh Al Marhoon, director general for MSM.
The MoU aims at creating a common forum for mutual understanding and cooperation between MSM and OCGS for exchange of information and use of various services offered by OCGS in the field of training and promotion of governance and sustainability which would positively reflect on the performance of MSM.
Accordingly, MSM became a member of OCGS and the centre will prepare guiding manual for MSM on governance and sustainability and prepare a training programmes for the directors of MSM and the senior management beside providing support and analytical studies where necessary.
Sayyid Hamid Sultan Al Busaidy, executive director of OCGS expressed satisfaction for the importance MSM attaches to the services provided by the centre and to acquaint with the best practices in governance and sustainability which reflects confidence in ensuring sound administrative path for best performance standards. “We hope other institution in the Sultanate will follow suit,” he added.
Al Busaidy further said that the OCGS is continuing its activities since the beginning of this year and is currently working on promoting its services, activities and roles to contribute to ensuring sound services for the best interest of the national economy and the MoU comes in this context as a number of organisations started joining the membership of OCGS. He said he expects more turnout during the coming period.
He pointed out that OCGS is currently preparing guidance manuals for a number of organisations on best and wise administrative practices in accordance with the nature of respective business of such organizations.
It may be noted that OCGS was established under Royal Decree No. 30/2015 and is the first specialised centre for dissemination of governance and sustainability culture and concept in Oman.
According to OCGS rules, the membership comprises all companies and institutions who are desirous to join the centre to avail the services it renders and to stand as candidates for the board of directors of the centre. Clause 5 of Article 5 provides the board of directors comprises four members from among the members of the centre.