MUSCAT: Board members of State-owned companies must declare their personal assets and shares that might lead to avoid conflict of interest upon appointment, according to the new Code of Governance issued by the Oman Investment Authority (OIA).
The Code of Governance (COG) states that board members must ensure transparency and disclose information of all contractual interests with all commercial bodies and entities and with OIA.
“If the conflict of interest continues the member must resign from the board,” the COG stated. OIA also said “under no condition shall the board member or one of his relatives be considered with it comes to benefits from the entity.”
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According to COG which was issued on Monday, the board members should not include government officials at the level of minister or undersecretary. Board members can serve in the board for a maximum of two board terms, and the term spans for a period of three years. “Through the Code of Governance for OIA entities, we seek to improve efficiency, achieve transparency, accountability and responsibility to avoid conflict of interest, and preserve shareholders’ rights,” OIA added.
