Hawkamah and Capital Market Authority of the Sultanate of Oman announce corporate governance partnership
Hawkamah and Capital Market Authority of the Sultanate of Oman announce corporate governance partnership
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Hawkamah Institute for Corporate Governance (Hawkamah), a subsidiary of the Dubai International Financial Centre Authority, announced today that it signed a Memorandum of Understanding (MoU) with the Capital Market Authority of the Sultanate of Oman to actively promote and improve corporate governance practices in Oman.  The MoU creates a partnership framework whereby Oman’s pioneering experience on implementing corporate governance frameworks in the securities market can be shared as regional best practice throughout the region by Hawkamah.

The Capital Markets Authority has issued a series of regulations dealing with corporate governance in Oman, which arguably comprise the most comprehensive corporate governance regime in the region.  The primary regulation is the Code of Corporate Governance, the first in the region, put in place to ensure that the governance structure of public limited companies in Oman provides the shareholders and investors with quality disclosure, working towards harmonization of corporate governance standards in the region.  Oman has been the pioneer of financial market reforms and transparency in the Middle East and the signing of this MoU highlights the opportunities for similar signings with other institutions in the region. The common objective of Hawkamah and the Capital Market Authority is primarily to improve the public awareness of corporate governance issues in the securities and commodities market of Oman, as well as share information on corporate governance in such markets.  The partnership aims to encourage corporate governance training for the relevant cadres in the markets, brokerage companies and listed companies from Oman. Following the implementation of this Memorandum, future areas of focus and cooperation between Hawkamah and the Capital Market Authority will include:
  • Promoting the development of a legal, regulatory and institutional corporate governance structure for securities markets and listed companies in Oman.
  • Building capacity for, and raising awareness of, good corporate governance in Oman’s securities markets, for example through conferences, training and manuals.
  • Reviewing corporate governance codes and guidelines and developing implementation plans.
Dr. Nasser Saidi, Executive Director of Hawkamah, said: “Our partnership with the Sultanate of Oman is further evidence of the momentum behind good corporate governance in the region.  The commitment from the Capital Market Authority demonstrates that the Sultanate of Oman takes corporate governance seriously and values the benefits that a sound corporate governance framework can bring to the commercial and financial sectors of the country.” Hamid Sultan Al Busaidi, Acting Director General of Research and Development of the Sultanate of Oman Capital Market Authority, commented: “We are becoming increasingly aware of the importance of a strong corporate governance framework, and as such, our partnership with Hawkamah fits well with our strategy of reviewing and improving the current corporate governance climate and ensuring it is high on the agenda of all relevant parties.  We believe this partnership will greatly enhance our efforts in implementing sound corporate governance.” Hawkamah is an autonomous, regional entity whose mission is to assist countries and companies of the wider MENA region in developing sound and globally well-integrated corporate governance frameworks and practices.

Testimonials

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)

  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)

  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.

  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank

  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank

  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber

  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC

  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited

  • The Director Development Program is great way to gain insight and improved understanding in areas such as corporate governance and board functionality. I would highly recommend the program as a foundational step before they begin their board experience.

    Bindu Ann Joseph - Chief Operating Officer - 3W Networks

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