finance & economytourism

Omran organises workshop on corporate governance

December 30, 2020

Muscat, Dec 29 – OMRAN Group, the executive arm of the Sultanate for tourism development, conducted a workshop, titled, “Governance — Moral Compass, Concepts, Premises and Applications”, in collaboration with Oman Center for Governance and Sustainability (OCGS). The workshop was organised as part of OMRAN’s objectives to introduce tools, mechanisms and the necessary legal framework to implement principles of corporate governance.
OMRAN’s Chairman of Board of Directors, Mohammed bin Salim al Busaidy, together with the Chief Executive Officer of OCGS, Sayyid Hamed bin Sultan al Busaidy, attended the workshop. Other attendees included the Board Members, CEOs of the Group’s subsidiaries, senior executives from OMRAN’s management and other representatives.
“The Board of Directors of OMRAN recognises the importance of governance as a modern concept of management, which aligns with the requirement of the current phase. Hence, this workshop was organised to discuss the best practices in applying principles of corporate governance, improving performance and governance mechanisms. The workshop further examined the administrative readiness and identified practices, which serve the Group’s goals and directions,” commented Eng. Mohammed. “OMRAN’s interest in hosting such a workshop reflects the Group’s optimistic approach towards good corporate governance. Applying the concept of governance positively influences competitiveness and therefore, OMRAN is using best practices for implementing good governance,” said Sayyid Hamed. “Promoting the culture of corporate governance is a necessary tool for business development and motivation. This is what OCGS seeks to achieve by conducting such workshops,” said he added.
The workshop’s programme focused on a number of subjects that include, the main concepts of governance, general framework for accountability, premises for governance of state-owned companies and corporate social responsibility. To further enhance the skills of Board members, the workshop explored subjects related to the nature of their work, the capacity of its members and separating the executive management from the Board.
It also looked at the structure of the Board and types of committees to ensure just use of authority, whilst avoiding conflicts of interests. Lastly, the workshop discussed the most important factors for successful corporate Board management.
OMRAN group operates in accordance with the governance frameworks, policies and guiding principles set by Oman Investment Authority (OIA), to ensure improved operational and investment performance that aligns with OIA’s endeavours to streamline policies in line with Oman Vision 2040 by diversifying the economy, increasing non-oil revenues and attracting foreign direct investment (FDI) through the tourism sector.

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