The Muscat Stock Exchange (MSX) signed yesterday three memorandums of understanding (MoUs) with a number of government agencies with the aim of enhancing in the areas of tripartite governance (environmental, social and corporate governance).
The first MoU between the MSX and the Ministry of Social Development came with the aim of laying the foundations for integrated cooperation and coordination between the two parties to exchange data, information and experiences in the social field by adopting socially sustainable governance mechanisms.
The second MoUs was with the Environment Agency aimed to enhance cooperation and integrated coordination between the two parties to exchange data, information and experiences in the environmental field.
The third MoU came with the Ministry of Commerce, Industry and Investment Promotion with the aim of discussing and cooperating on mechanism for preparing laws and legislation related to spreading awareness among companies the importance of disclosing tripartite governance and its effectiveness on sustainable investment.
Haitham bin Salem al Salmi, CEO of the Stock Exchange, signed the agreements on behalf of MSX, while Shaikh Rashid bin Ahmed al Shamsi, Under-Secretary of the Ministry of Social Development signed on behalf of the Ministry of Social Development, and Dr Ahmed bin Abdullah al Sayari, Advisor to the Chairman of the Environment Authority for Environmental Affairs, signed on behalf of the Environment Authority, while Mubarak bin Muhammad al Dohani, Director General of Commerce sign on behalf of the Ministry of Commerce, Industry and Investment Promotion.
On the sidelines of signing the memorandums, the MSX organised a workshop entitled "Tripartite Governance Principles and Sustainability", which focuses on the feasibility of companies applying tripartite governance standards and their relationship to developing the role of the investor relations officer. The experiences of Ominvest, Bank Nizwa and National Finance in employing the principles of tripartite governance and sustainability were also reviewed.
The signing of the MouS comes as a continuation of the MSX's accession to the United Nations Sustainable Capital Markets Initiative, which aims to encourage stock exchanges, in cooperation with investors, capital market regulators and companies, to adopt sustainable development standards.
The initiative is concerned with paying attention to sustainable development issues that focus on preserving the environment and supporting the role of social responsibility and governance, which have been developed to be among the main factors for measuring sustainability in companies and businesses.
The Muscat Stock Exchange has put tripartite governance, diversification and inclusion among the priorities of its strategic plan for sustainable investment for companies listed on the stock exchange, as its adoption of this initiative comes in line with its endeavors and efforts to follow the best international standards and practices and consolidate investor confidence to advance the capital markets.
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