MUSCAT : Oman’s closed joint-stock companies must bring their arrangements into compliance with corporate governance rules before the end of their financial year, the Ministry of Commerce, Industry and Investment Promotion said.

In a clarification addressed to company boards, the ministry outlined requirements under Ministerial Decision No. 5/2025, including procedures for electing independent directors and rules governing board nominations.

The election of an independent director must be included within the agenda item covering the election of board members, the ministry said. Seats are to be awarded to candidates receiving the highest number of votes, in accordance with the company’s circumstances and the relevant provisions of the governance rules.

Independent directors may stand for membership of the board and its committees and are subject to the obligations applicable to board members, it added.

The ministry also clarified that candidates must contest board seats under a single category, either as candidates for regular board membership or for seats designated for independent directors.

Candidates may not stand in more than one capacity to fill vacant seats, the ministry said.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.