E-registry for board directors opens

MUSCAT, JUNE 23 – The Capital Market Authority (CMA) has introduced an electronic system providing the eligible persons an opportunity to join the boards of directors of public joint stock companies. Mohammed Said al Abri, Vice-President for Capital Market Sector said the system is a move aimed at providing a database for people who have the experience and qualification to become directors of public joint stock companies.
“The database would be a link between the companies and the potential candidates with competence, experience and skills to act as directors”, he said. According to Al Abri, the person desirous of the job must enter his/her credentials in the system so as the companies can access and assess whether or not the potential candidate meets the company’s requirements.
The directors of the board are responsible for supervising the strategies of the companies, overseeing their priorities, setting up their policies, follow- up the performance and taking decision relating to their business and financial and operational performance.
“The system is designed to attract new competencies to the boards of directors to assist the companies in enhancing the efficiency of the board of directors”, he said.
Moreover, the CMA allows other juristic persons in Oman to register in the system to benefit from the names listed therein for the public interest.
Al Abri added the system allows the registered entities to access a diversified database that would furnish to the companies skilled and competent human resources in various specializations.
The companies will also have the facility to choose from a list of candidates as independent or non-independent directors in line with the recent amendments in the Code of Corporate Governance which states that at least third of the directors must be independent directors. The CMA endeavours to provide appropriate regulatory and legislative environment for the businesses of the public joint stock companies to ensure sound performance.
“It is keen to furnish database for directors who are efficient and competent who can contribute to enhancing the performance of the companies to achieve the required levels of growth for better contribution to the national economy”, he said. The system allow the companies several options to ease the process of obtaining specific list of the persons who are apt to act as directors by viewing the CVs, personal details and contact addresses of the candidates.
The database also allow the registered persons to update their details as and when they change. The database is confidential and access is restricted only to the registered entities.
The Vice-President for Capital Market Sector urged all Omanis and non-Omanis who are competent and interested to act as directors to join the database through the link: https://e.cma.gov.om/BoardMemberofdirectors/home.
The companies desirous of benefiting from the database may visit the site through the same link.