New corporate governance code to enhance transparency

Muscat: Capital Market Authority’s new code of corporate governance, which will become effective from July 1, will immensely help the corporate sector, according to experts.
Addressing a seminar on ‘Toward better governance,’ here on Wednesday, Sayyid Hamed Al Busaidi, executive director of Oman Centre for Governance and Sustainability, said that it is a powerful tool for the corporate sector.
It will help the market watchdog to further enhance transparency, fairness, accountability and responsibility of listed companies and their boards. It will help family-owned businesses to minimise the risk of market failure.
Al Busaidi said apart from listed firms, the Oman Centre for Governance and Sustainability offers its services to state-owned companies and family-owned businesses.
Corporate governance is a set of rules to ensure that the listed firms are governed in the most possible fair and ethical manner in an apparent move to protect the interest of all stakeholders. The market regulator is aiming at further strengthening transparency, investor confidence and trust, which will help attract more foreign investment to the local bourse.
The corporate governance seminar was organised by Deloitte in coordination with the Capital Market Authority (CMA). Abdulla bin Salem Al Salmi, executive president of CMA, was the chief guest at the seminar.
Ahmed Al Qassabi, principal, Deloitte, also made a presentation on the major highlights of the new corporate governance code.