MUSCAT: – In line with its commitment to excellence, Renaissance Services received the highest possible rating of “Generally Conforms” for its Internal Audit function during an independent assessment.

The rating was given following an external quality assessment (EQA) conducted by an independent professional assessor. It implies that the relevant charter, structure, policies and procedures of the Internal Audit department, as well as the processes by which they are applied, comply with the requirements of International Professional Practices Framework (IPPF) from the Institute of Internal Auditors (IIA) and the
regulations of the Capital Market Authority of Oman (CMA).

The EQA was held as part of efforts to evaluate the conformance of Renaissance’s internal audit
activities to the mandatory guidance of the IPPF, assess the effectiveness in carrying out its
mission as outlined in the charter, identify opportunities to enhance its management and work
processes.

Yahya Said Al Jabri, Chairman of the Audit and Internal Controls Committee of the Board of
Directors, Renaissance Services accepted a special award from Shatha Al Maskiry, Country
Managing Director, Protiviti Oman on this occasion. He said, “This remarkable achievement
marks the company’s unwavering dedication to excellence and adherence to global best
practices in internal auditing. As the company continuously upholds these high standards,
stakeholders can be assured of a professional and robust internal audit function that contributes
significantly to our ongoing success. The Board strongly believes that good corporate
governance practices are pivotal to maximising long-term value while safeguarding the interests
of all stakeholders.”

Stephen R Thomas, Chief Executive Officer, Renaissance Services, added, “The Internal Audit
department ensures that our corporate governance, risk management, internal controls, and
other vital functions meet the highest standards. The independent expert’s top rating has
enhanced credibility and showcases the effectiveness of Renaissance’s governance processes
and controls. This rating sets the stage for the company’s continued success as it serves its
prestigious clients in Oman and beyond.”