Oman Decision No. 132/2021 On the Issuance of the Corporate Governance Principles For Companies in which the Government Owns Shares
Pursuant to the Commercial Companies Law promulgated by Oman Sultani Decree No. 18/2019;
The approval of the Board of Directors of the Capital Market Authority; and
Based on the requirement of the public interest,
The following Decision has been issued:
Article 1
The provisions of the attached principles shall apply to the governance of companies in which the government owns shares.
Article 2
The companies addressed by the attached Principles shall adjust their situation in accordance with the provisions hereof within a period not exceeding (12) twelve months from the date of their entry into force. The Boards of Directors of the existing companies shall continue to exercise their powers until the expiry of their term, provided that they will be subsequently formed in accordance with the provisions of the attached Principles.
Article 3
Any text contrary to or inconsistent with the provisions of this Decision or the attached Principles, shall be abrogated.