H.E. Sheikh Abdullah Al Salmi, Chairman of Oman Center for Corporate Governance and Sustainability, Executive President of Capital Market authority headed the first meeting of Oman Center for Corporate Governance and Sustainability with the attendance of Board members that represent entities defined in Article 5 of the Code of Oman Center for Corporate Governance and Sustainability.

The Chairman confirmed on the importance of founding the basic structure of the Center to initiate the responsibilities and tasks of the Center, and to support the efforts to achieve sustainable performance for companies, and apply sound management and sustainability practices according to its statute.

The meeting’s agenda included visual presentation on the importance of corporate governance and sustainability for companies, and their role in promoting national economy that was presented by Said Hamed Sultan Al Busaidi, General Director of Support Services of CMA, Acting Director of Oman Center for Corporate Governance and Sustainability. He also talked about the developments of corporate governance in the Sultanate since 2002, and achievements of the Center, some of which are; develop the new version of the Code of Corporates, launch of Corporate Governance Excellence Award, provide consultancy services on sound management principles, organize a number of high level programmes for chairmen and members of boards, besides signing agreements for preparing guidance code for institutional governance. Engineers Isam Sauood Al Zadjali, Executive President of Oman Oil Company was selected in the meeting as the Vice Chairman of the Center. The meeting also discussed the regulations of the statute of the Center, which are; Board’s system, internal regulations, Human Resources regulations, financial regulations, and regulations for members from private sector institutions.

The Sultanate was the first to issue the first Code for Regulating Public Stock Companies in the region in 2002, and the establishment of the Oman Center for Corporate Governance and Sustainability by Royal Decree 30/2015 is considered an achievement for the sultanate in the field. The Center follows the Capital Market Authority and enjoys administrative and financial independency.