Oman Centre for Governance and Sustainability (OCGS) has signed a memorandum of understanding  with Muscat Securities Market for  mutual cooperation, provision of  consultancy services on governance and sustainability principles, dissemination of awareness on corporate governance and social responsibility, enhancing  competition and facing challenges.

The MOU was signed by Sayyid Hamid Sultan Al Busaidy, Executive Director for  OCGS  and Mr. Ahmed Saleh Al Marhoon, Director General for MSM.

The  MOU aims at creating a common forum for mutual understanding and cooperation between MSM and OCGS for exchange of information and use of various services offered by OCGS in the field of training and promotion of governance and sustainability which would positively  reflect on the performance of MSM, accordingly MSM became a member of OCGS  and the centre will prepare guiding manual for MSM on governance and sustainability and prepare a training programmes for the directors of MSM and the senior management beside providing  support and analytical studies where necessary.

Sayyid Hamid Sultan Al Busaidy, Executive Director of OCGS expressed his happiness and appreciation for the importance MSM attaches to the services provided by the centre and to acquaint with the  best practices in governance and sustainability which reflects confidence in this aspect in ensuring  sound administrative path for best performance standards. He said, we hope other institution in the Sultanate will follow suit.

Al Busaidy added the OCGS is continuing  its activities since the beginning of this year and is currently working on promoting its services, activities and roles to contribute to ensuring sound services for the best interest of the national economy and the MOU comes in this context as a number of organizations started joining the membership of OCGS and we expect more turnout during the coming period. He concluded that OCGS is currently preparing guidance manuals for a number of organizations on best and wise administrative practices  in accordance with the nature of respective business of such organizations.

It is noteworthy that OCGS was established under Royal Decree No. 30/2015 and is the first specialized centre for dissemination of governance and sustainability culture and concept in Oman. According to OCGS rules  the membership comprises all companies and institutions who are desirous to join the centre to avail the services it renders and to stand as candidates for the board of directors of the centre. Clause 5 of Article 5 provides the board of directors comprises four members from among the members of the centre.