Complex Made Simple

Bank Sohar conducts workshop

The workshop was in line with the constant efforts made by the Bank to maintain and enhance its position.

Bank Sohar recently conducted a specialised Corporate Governance Awareness workshop titled ‘Instilling Good Governance’ for members of the Board and the Bank’s Executive Management at the Grand Hyatt, Muscat.

The workshop was in line with the constant efforts made by the Bank to maintain and enhance its position as one of the leading banks in Oman by further enriching and enhancing the organization’s corporate governance philosophy.

Highlighting the importance of good corporate governance, Mr. Rashad Ali Al Musafir, Acting CEO of Bank Sohar said, “Maintaining an effective corporate governance structure is essential to the success of every business. The proper use of good systems will ensure business transparency as well as ethical practice under any circumstance. It also allows the board and management the freedom required to drive Bank Sohar towards business excellence whilst always maintaining effective accountability.”

Conducted by PriceWaterhouseCoopers (PWC) recently, the comprehensive workshop was attended by six members of the Board of Directors of Bank Sohar together with 19 members of the Bank’s executive management. The workshop was conducted in order to familiarise participants with the fundamental concepts of Corporate Governance and help them understand its cornerstone principles. The workshop was broken up into three sessions; firstly, basics of Corporate Governance, why it is needed, and its structure and documents. Secondly, key Corporate Governance principles and the requirements in Oman,and finally,global best practices in Corporate Governance.

With this regards, Ms. Munira Abdulnabi Macki, DGM Human Resource & Corporate Support at Bank Sohar noted, “Since its inception, Bank Sohar has spared no effort when it comes to training and development at all levels and in every aspect of the Bank’s operations. A well-structured corporate governance system is one such aspect that is vital to the Bank’s business and can have significant positive impact on the practice, performance and overall culture of the Bank. Periodic workshops on the subject will ensure that we are always in tune with current industry best practices as well as maintain our position as a key player within the country’s banking sector. These workshops and other training programs that we regularly conduct for staff and management are also a direct reflection of the Bank’s commitment in its journey towards banking excellence.”

At Bank Sohar, training and investing in knowledge is one of its key values, and helps the Bank effectively meet market challenges in a world of ever-increasing competition. Bank Sohar also believes that building an effective corporate governance structure can help both;the Bank, and its employees, succeed even in the most challenging of economic times. Such courses help develop and refine the skills needed to manage the company more effectively while at the same time, be prepared for unexpected changes.