The Capital Market Authority has participated in the  Raysout Seminar “ Economy and Development” which was organized by Oman Chamber of Commerce and Industry in the Governorate of Dhorar in collaboration with Middle East Centre for Consultancies and Research in the city of Salalah.

Sayyid Hamid Sultan Al Busaidy, Director General of Support Services and Director of Oman Corporate Governance and Sustainability Centre of CMA presented a paper on corporate social responsibility in the Sultanate.

He pointed out to the ethical denotation of  social responsibility and the Islamic tenets. He talked about the relationship between social responsibility and socio economic development. He said social responsibility directs the businesses toward activities and programmes leading to  social objects integrating with economic object.

He added social responsibility is an outcome of the requirements of sustainable development and partnership in the economic development and between the Government and the private sector to build a better future for the coming generations. Hence, it is imperative to have comprehensive vision and common  coordination to encourage the initiative and work together  to make them more sustainable to strike a balance between making profits and the commitments toward the community.

On the role of CMA, Sayyind Hamid said, CMA is concerned with social responsibility pointing out to the  initiative on enhancing the culture of institutions and encouraging the companies regulated by CMA to apply best practices in the service of the community which will reflect in the service of the programmes of economic development.

He added that CMA had has included social responsibility in its activities  and assigned this task to Oman Corporate Governance Centre and Sustainability, and the Centre is planning to set out standard policies for circulation to the companies. The Centre is designing sustainability report through the GRI.