Bank Sohar’s Corporate Governance Philosophy has been developed within the directives and guidelines of the Central Bank of Oman (CBO), the Capital Market Authority (CMA) and the Commercial Companies Law of Oman (CCL). The four universal values synonymous with corporate governance – accountability, fairness, responsibility and transparency are an integral part of it.
Corporate governance is a set of processes, customs, policies, laws and practices affecting the manner in which the organization – namely Bank Sohar is directed, administered or controlled. Corporate governance also covers the relationships between the many individuals involved in the Bank and the aims and objectives for which the Bank is governed. The principal relationships at Bank Sohar are between the shareholders of the Bank, the management and the Board of Directors. Other relationships include the customers, employees of the Bank, regulators, suppliers, the environment and the community in which the Bank exists. An additional aspect of governance is that of an economic efficiency view, through which the governance system of the Bank also aims to optimize economic results, thereby placing emphasis on the shareholder’s welfare.
The basic framework of the bank’s corporate governance requires that the Board of Directors and managers shall:
- Maintain the highest standard of corporate governance and regulatory compliance
- Promote transparency, accountability, responsiveness and social responsibility
- Conduct its affairs with its stakeholders, customers, employees, investors, vendors, government and the society at large in all fairness and in an open manner.
- Create an image of the Bank as a legally and ethically compliant entity
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