The Capital Market Authority represented by Oman Centre for Corporate Governance (OCCG) announced winners of the third edition of corporate governance excellence award for 2013 at a ceremony held at Grand Hyatt Hotel under the auspices of HE Yahya Said Al Jabri, Chairman of the Board of Directors of Duqum Special Economic Zone and Chairman of the Board of Directors of CMA.

Al Ahliayah Insurance won the award for best performance in corporate governance.  . Bank Dhofar won the first award in the banking sector and Ahli Bank and National Bank of Oman followed.

Muscat Finance won first award in the financial sector followed by Oman Investment and Finance. In the services and insurance sector Al Ahliyah Insurance won the first award followed by Shell Oman and Electricity Holding Company.

In the industry sector  Oman Fisheries  won the first award followed by Sohar Power and National  Aluminum Products.

HE Abdullah Salim Al Salmi, Executive President of CMA, said that this was the third edition of the award which is given in four categories. First and second editions were announced in 2010 and 2011 and that CMA  decided to give the award every two years instead of every year to enhance the standards of the award.

He urged the companies to start getting ready for the 2015 edition and the results would be an indication of performance  of such companies.

He added “ we believe that strengthening the confidence  in such companies rely mainly on compliance with best corporate governance practices and transparency. This is not only increases the level of confidence but it helps improve the  investment and business  environment which needs healthy foundation and strong bases so that the companies can compete and face the challenges.”

Al Salmi said CMA will continue its regulatory, educational  and awareness efforts for enhancing the competitiveness of the private sector and ensuing sustainable development and growth.  The achievements are a result of awareness and deep-rooted partnership with the listed companies. We hope to upgrade the levels of transparency, disclosure and compliance with corporate governance principles to increase market depth and provide sound investment environment. He said compliance with corporate governance principles emanates from the common responsibility toward the integrity of the financial sector in Oman and maintaining the achievements of the beloved nation.

He expressed his pleasure for the increased compliance with corporate governance concepts and hoped that this would be the foundation for sound practices and enhancement of internal and external  controls for financial reporting and enhancement of disclosure and transparency standards.

He thanked all the participating companies and the companies who cooperated with OCCG to make the award a success as well and the award referees’ committee for their efforts. He also thanked the employees of OCCG and all the employees of CMA.

It is noteworthy that CMA has formed a committee to develop and review the Code of Corporate Governance in accordance with best international practices and standards and would be posted on CMA’s website early in 2014 for comments and remarks of all stakeholders.

OCGC organizes this competition to emphasize Oman’s attention to corporate governance to face the challenges and for enhancing the  ability of the companies to compete in view of the fierce competition in the global market as dissemination and spreading corporate governance culture would stimulate investment and develop business environment in the Sultanate as many studies have concluded that application of corporate governance principles have positive impact on the economy and  enhances confidence  in company managements.  Crises have proven that good corporate governance practices assist the companies in overcoming such crisis due to ability to protect shareholders’ rights and through enhancing competitiveness.