BankMuscat extends lead support to GCC conference on corporate governance

The 2-day conference is organised by the Federation of GCC Chambers of Commerce, Capital Market Authority (CMA) and Oman Chamber of Commerce and Industry (OCCI) in support with the GCC General Secretariat. The conference participants include key representatives of the GCC ministries of commerce, industry, finance and economy; economic and development authorities; banks and investment firms; accounting and auditing institutions.

BankMuscat's support to the conference stems from its commitment to the highest standards of corporate governance. The Bank has pledged raising the bar even further so as to set a shining example of the letter and spirit of the code of corporate governance laid out by CMA and the regulations for corporate governance of banking and financial institutions issued by the Central Bank of Oman (CBO).

BankMuscat attaches utmost priority to shareholder rights and disclosure of information. The Bank's corporate governance norms reflect its transparent relationship with shareholders and society. As part of its corporate governance commitment, the Bank also has established a department dedicated to Corporate Social Responsibility (CSR).

The conference will primarily focus on the role of corporate governance in economic development and reform in GCC countries. Corporate governance as a system represents the cornerstone in any economic development or reform as it raises the level of transparency and integrity in business transactions.

This helps in establishing credibility and trust among different parties involved in the national economy and eventually facilitates internal and overseas investments. Corporate governance relies on co-operation between the government and the private sector, introducing competitive market mechanisms based on the supremacy of law.

The objectives of the conference include identifying the importance of 'corporate governance and its role in enhancing mutual trust and raising the level of transparency; highlighting the state of corporate governance in GCC states; highlighting pioneering Arab and international examples in corporate governance; role played by NGOs in supporting and reinforcing the corporate governance system; role of corporate governance in supporting and activating economic development and reform programmes; and highlighting the role that can be played by corporate governance in attracting internal and overseas investments.