Oman's Capital Market Authority endorses corporate governance charter

Oman Wednesday 21/October/2020 12:12 PM
By: Times News Service
Oman's Capital Market Authority endorses corporate governance charter

Muscat: The Capital Market Authority (CMA) has endorsed a Corporate Governance Charter (CGC) for companies in which the government holds a stake. The aim is to improve the performance of the companies and raise their efficiency, Oman News Agency (ONA) announced.

Abdullah bin Salim Al Salmi, CEO of CMA, said: "The charter represents a qualitative shift in regulating the tasks undertaken by this category of firms. Its significance lies in regulating the management of the companies and ensuring harmony between the goals of sustainable development and the purpose for which the firms were founded."

Al Salmi added that, as per the CGC, government-owned companies will be committed to divulging to the public their quarterly and annual unaudited or audited accounts, either via their websites or their respective electronic platforms approved by CMA. "Transparency and disclosure of accounts are among the main features of application of governance, due to the significance of transparency and disclosure in enhancing decency and asserting the financial position of the firms—thereby easing their access to incentives and contracts with relevant parties."