CMA endorses CGC for state-owned companies in Oman
The Capital Market Authority (CMA) has endorsed a new Corporate Governance Charter (CGC) for the companies in which the government holds stakes. The aim of the Corporate Governance Charter is to improve the performance of the companies and raise their efficiency.
In a statement to Oman News Agency, H E Abdullah bin Salim al Salmi, executive president of the CMA, said that the charter represents a qualitative shift in regulating the tasks undertaken by this category (state-owned) 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.”
The charter is a step forward in realizing the comprehensive development and sustainable economy by striking a balance between economic and social goals and optimum use of human and financial resources and available assets. It will also provide a general framework that regulates accountancy and accountability and extends the services to stakeholders, H E Salmi explained.
H E Salmi said that, as per the Corporate Governance Charter, the 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 the CMA.
He further said that the transparency and disclosure of accounts are among the main features of the application of corporate governance.
The formulation of the Corporate Governance Charter took into account an array of basic principles and components short-listed from the most established institutions, including the Organization for Economic Cooperation and Development (OECD).