BankDhofar, ahlibank, NBO win CMA corporate governance award

Yahya bin Said Al Jabri, chairman of the Capital Market Authority and chairman of the Special Economic Zone Authority of Duqm, awarding the prestigious 2013 Corporate Governance Award to the winners at a ceremony in Muscat. Photo - Shabin E/Times of Oman
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Muscat: The Capital Market Authority (CMA) on Tuesday announced winners of the prestigious corporate governance award for 2013 at a ceremony held at Grand Hyatt Hotel.

BankDhofar, ahlibank and National Bank of Oman (NBO)won the first, second and third awards in the banking category, while Muscat Finance and Oman Investment and Finance Company (OIFC) bagged the first and second position, respectively, in the financial sector. 

Likewise, in the services and insurance sector, Al Ahlia Insurance, Shell Oman Marketing Company and Electricity Holding Company received the first, second and third positions, respectively. 

In the industrial sector, Oman Fisheries, Sohar Power and National Aluminium Company won the first three places respectively in industrial sector category.

The overall performance award was bagged by Al Ahlia Insurance.

The announcement was made by Yahya bin Said Al Jabri, chairman of the Capital Market Authority and chairman of the Special Economic Zone Authority of Duqm, at a ceremony attended by senior government officials and representative of public and private sector companies. 

All the 19 companies, which are registered with the Muscat Securities Market (MSM) competed for the award. There were various standards and criteria of the corporate governance, including the performance of the board of directors and transparency level, risk taking capacity, social responsibility and use of information technology.

Speaking at the occasion, Abdullah bin Salem Al Salimi, Executive President of CMA, said that this was the third edition of the award, which is given in four categories — banking, finance, industry and services and insurance. First and second editions of the awards were announced in 2010 and 2011. Later the authority decided to give the award every two-years instead of giving it every year so that the standards of the award can be enhanced. 

He also urged the companies that they should start getting ready for the 2015 edition of the award from now. "We want more companies to participate in the award so that their performance in the area is judged," he added.

"We believe that the strengthening of the trust in these companies are primarily due to their compliance with the best corporate governance practices," said Al Salmi.

"This not only increases the level of trust but it helps improve the work environment. Investments need healthy foundations and strong bases so that the companies can compete with each and face challenges," Al Salimi noted.


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