MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) will introduce new seats which will be reserved for board members from public shareholding companies and for an expat investor holding investor residence.
The decision comes as part of expanding the board based on the new OCCI bylaw. Early this month, His Majesty Sultan Haitham Bin Tarik issued a Royal Decree (56/2022), that promulgated the system (bylaw) of the Oman Chamber of Commerce and Industry.
Under the new bylaw, the OCCI’s board of directors will consist of five members from the Muscat Governorate, and the heads from the provinces, in addition to including five new seats for the board members of public shareholding companies listed on the Muscat Stock Exchange or their chief executives, and a seat for one of the ex-pat investors benefiting from an investor residency program, which the government introduced last year.
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According to the bylaw, if the board fails to nominate a foreign investor, the seat shall be filled by one of the candidates of the public joint-stock companies.
The new bylaw also stated that the candidates (in the board) must have a bachelor’s degree or practical experience in conducting business in the private sector for not less than 10 years.
According to the bylaw, the chairmanship of the Board of Directors should have a minimum working experience of not less than 15 years in the private sector, and “it is not permitted to run for the chairmanship for more than two consecutive terms.”
