The Capital Market Authority started  exploring the opinions of public joint stock companies, auditors and legal advisors on the draft amendments to the Code of Corporate Governance which was finalized by the Corporate Governance Committee formed by CMA to review the Code.

The draft amendment were posted on the website of CMA and a circular will be issued to all public joint stock companies, auditors and legal advisors to access the code and forward their responses on its contents.

The initial draft of the code includes additions and amendment to a number of its provisions which would lead to enhancing the level of exercising the principles of corporate governance.

The amendment is line with the unified GCC Code of Corporate Governance.

The amendments include addition of directors’ committees and revisions of the provisions relating to directors and terms and conditions for independent director as well as code of conduct for directors.

Ahmed Sulaiman Al Qassabi, Acting Director General of Issues and Disclosure said the amendment of the Code comes after ten years since the application of the code on public companies which was issued in 2002 after evaluation of the practice and deriving strength and weakness points during the past period and identifying the requirements of the upcoming phase.

Al Qassabi said the review of the code comes within CMA methodology  to improve the level of application of best practices of corporate governance to enhance investors’ confidence in MSM and to protect the rights of shareholders further to importance of corporate governance in directing the path of companies to more productivity and growth.

He added the initial draft was made by the Corporate Governance Committee which comprises representatives of public companies, family businesses and law firms.

The draft code is posted on CMA’S website to seek the opinions of the concerned parties on the code to reach to a common vision on resilient and fair principles of corporate governance to upgrade the efficiency of the Omani capital market.