CMA launches electronic system for registration of directors

Muscat: The Capital Market Authority (CMA) has introduced an electronic system allowing the competent and experienced persons an opportunity to join the boards of directors of public joint stock companies.
Mohammed Said Al Abri, Vice President for Capital Market Sector said the system is a move forward to provide a database for human cadres who can act as directors of public joint stock companies as the boards of directors are responsible for supervising the strategies of the companies, overseeing their priorities, setting up their policies, follow up the performance and taking decision relating to their business and financial and operational performance.
He added the database would be a link between the companies and the persons who see they have the required competence, experiences and skills to act as directors.
He said the person who is desirous of being a candidate must enter his/her credentials in the system so as the companies can access and assess whether or not the potential candidate meets the requirements.
Al Abri added that the system is designed to attract new competencies to the boards of directors to assist the companies in enhancing the efficiency of the board of directors. Moreover, CMA allowed other juristic persons in Oman to register in the system to benefit from the names listed therein for the public interest.
Al Abri said the system allows the registered entities to access a diversified database that would furnish to the companies skilled and competent human resources in the various specialisations and the companies can choose from a list of candidates as independent or non-independent directors in line with the recent amendments in the Code of Corporate Governance which states that at least third of the directors must be independent directors.
Al Abri added that CMA endeavours to provide appropriate regulatory and legislative environment for the businesses of the public joint stock companies to ensure sound performance as CMA is keen to furnish database for directors who are efficient and competent to contribute to enhancing the performance of the companies to achieve the required levels of growth for better contribution to the national economy.
The system allow the companies several options to ease the process of obtaining specific list of the persons who are apt to act as directors by viewing the CVs, personal details and contact addresses of the candidates. The database also allow the registered persons to update their details as and when they change. The database is confidential and access is restricted only to the registered entities.