Oman Central Bank Circular No. BM705/1993
Prohibition on General Managers/Chief Executive Officers holding Directorships in the Board of Directors of Locally Incorporated Banks and Prohibition on the Holding of Multiple directorships in the Board of Directors of Locally Incorporated Banks
Type
Regulatory
Agency
Oman Central Bank
Issued on
25 Oct 1993 (corresponding to 9 Jumada Al-Awwal 1414 H)
Jurisdiction
Oman
Taxonomy
Financial Institutions, Banks, General Employment & Labour Law, Employment Status, Terms, Documentation & Directors
To: All Locally incorporated Banks Operating in the Sultanate of Oman
Subject:
Prohibition on General Managers/Chief Executive Officers holding Directorships in the Board of Directors of Locally Incorporated Banks
Prohibition on the Holding of Multiple directorships in the Board of Directors of Locally Incorporated Banks
After Compliments,
a) It is common knowledge that the Board of Directors of an organisation is the apex body entrusted with the formulation of the corporate policies of the organisation. The corporate policies so formulated by the Board of Directors are implemented by the organisation’s Line Management headed, as the case may be, by General Manager/Chief Executive Officer, etc.