Pact signed for new code of governance for industries

Oman Center for Governance and Sustainability’s will endeavour to provide consultancy services for governance and sustainability and to disseminate awareness on corporate governance and corporate responsibility in PEIE’s industrial estates.

Times News Service

MUSCAT: An agreement has been signed for preparing a code of governance for Public Establishment for Industrial Estates (PEIE). Besides monitoring and examining governance practices in the industrial estates in Oman the agreement also includes for the preparation of a draft study and governance manual containing a description of the present status of governance and other processes.

The agreement was signed by Oman Center for Governance and Sustainability (OCGS) and the PEIE recently by Sayyid Hamid Sultan Al Busaidi, executive director of OCGS, and Engineer Hilal Hamed Al Hassani, executive president of PEIE.

The signing of the agreement marked the conclusion of negotiations and meetings between the two entities to cooperate, establish and develop a work environment at the PEIE. OCGS’s endeavour to provide consultancy services for governance and sustainability and to disseminate awareness on corporate governance and corporate responsibility.

“We are proud that PEIE chose to benefit from the services rendered by OCGS to avail of the best practices in governance and sustainability of establishments and for its role in going down the sound administrative path to ensure the best standards of performance. We hope other institutions follow this model,” said Al Busaidi.

“The agreement was signed on the heels of the strategic plan set up by the Ministry of Commerce and Industry for the governance of the industrial sector and the supporting entities, in line with the plans of PEIE. The aim behind this was to upgrade its business and diversify and improve the quality of services with best practices which would enhance various aspects, reduce risks, and increase transparency and confidence of the stakeholders to attract investors,” added Al Busaidi.

“Signing the agreement is significant to prepare a code of governance in collaboration with OCGS due to the importance of the role PEIE plays in the management and development of industrial estates. It is also important to provide an appropriate environment for businesses and to attract investments to enhance the Sultanate’s position as a regional hub for industry, information technology and communications; to build a robust economy based on laws, regulations and decisions with the aim of attaining quality and excellence in performance through proper and efficient methods to achieve the plans and objects of PEIE; and give investors, clients and users of the services a clear vision,” said Al Hassani.

“PEIE endeavours to ensure the best investment of its capabilities and resources by furnishing a work environment based on responsibility, regulation and compliance built on clarity and transparency in strategic plans or displaying the rights and obligations of each party,” he added.