MUSCAT : His Excellency Abdullah bin Salem Al Salmi, CEO of the FSA, confirmed that the new standards, issued by the International Sustainability Standards Board in June 2023, will become mandatory for all private sector institutions applying full financial reporting standards by 2029.
His Excellency Abdullah bin Salem Al Salmi, CEO of the Financial Services Authority, explained that the two standards are among the first financial sustainability disclosure standards issued by the International Sustainability Standards Board in June 2023.
The FSA’s roadmap includes consultations with key stakeholders such as the Ministry of Commerce, Industry and Investment Promotion, the Oman Investment Authority, the Environment Authority, and the Oman Centre for Zero Neutrality. Professional bodies and regulatory institutions will also be engaged in the initial stages to ensure a smooth transition.
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As part of the plan, the Authority will launch awareness campaigns and capacity-building programs to prepare the market for full compliance. This step, His Excellency stressed, underlines Oman’s commitment to green financing and sustainable investment, while also strengthening the legislative framework governing accounting and auditing practices.
“This initiative is not just about compliance,” His Excellency added. “It is an enabler for Oman Vision 2040, supporting our national strategy for a gradual transition to net zero and reinforcing the competitiveness of our non-banking financial markets.”
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