Muscat, Oman Investment Authority (OIA) today held the second workshop of corporate governance program “Rawabit” at Al Fayha Resthouse in the Wilayat of Sumail. The program seeks to devise a uniform system of governance for State-owned holding companies.

 

Abdusalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority, commended the level of cooperation shown by the first affiliated to the OIA so that “Rawabit” program could achieve its desired goals.

 

Al Murshidi expressed appreciation for the outcome of the program’s first workshop which, he said, discussed the basic objectives for which the program was established. Emphasis, he explained, was laid on the strategic aspect of the firms’ operation and the extent to which it relates to Oman Vision 2040, particularly the need to strengthen partnership with the private sector.

 

The second workshop saw the convening of a dialogue session in the presence of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion.

 

Al Yousef shared his hopes for the formulation of policies and frameworks (for government-owned firms) that empower the private sector, facilitate integration with it and ensure harmony between the tasks of these firms and parties representing the business community. In this context, he stressed the need to empower the sector of small and medium enterprises and upgrade the role of the firms in the Sultanate’s economic diversification drive.

 

The workshop gave the participants exposure to Rawabit program’s frameworks featuring corporate governance, their strategic management and means of realizing complementation among the firms.

 

The workshop discussed policies governing tenders and procurements, guiding risk management principles, internal auditing tasks, information security policies and treasury policies.

 

The participants also discussed the Charter of Operation of the firms’ management boards and the need to define roles, responsibilities and powers entrusted to the boards, both individually and collectively. They also took note of provisions and decisions that require the direct approval of the OIA.

 

Source: Oman News Agency

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