The Capital Market Authority (CMA) recognized Oman Oil Marketing Company (omanoil) for corporate governance excellence in the services industry. The award was received by Faisal Al-Shanfari, General Manager of Operations, Engineering and HSSE, during a special event under the auspices of His Excellency Sheikh Saad bin Mohammed Al Saadi, Minister of Commerce and Industry, and Chairman of CMA. Over the last 9 years, the nation’s visionary fuel and lubricants marketing company has institutionalized a unique framework of processes and procedures that bring transparency, accountability and fairness in its transactions with all stakeholders.
The CMA launched the Corporate Governance Excellence Award in 2010 as an innovative competition to inspire the support of Oman’s vision for an internationally recognized and resolute economy. In a bid to enrich the national economy’s progression, local companies following designed codes of conduct increase the efficiency of the capital market while attracting local and foreign investors.
“Year after year, we have demonstrated our ability to internalize and pursue best in class practices thus resulting in positive business returns and earning both investors’ and stakeholders’ confidence and goodwill,” said CEO Eng. Omar bin Ahmed Qatan. “As we continue to grow and evolve, we remain committed to maintaining high standards of corporate governance over-and-beyond compliance with requirements through ongoing assessment and improvement to enhance shareholder value.”
The Corporate Governance Excellence Award follows the heels of omanoil’s distinguished ranking as one of the largest twenty listed companies in the Muscat Securities Market. Oman’s model of the Fortune 500, Oman Economic Review’s annual ranking has become the authoritative almanac on the performance of the country’s corporate sector and the accolade further augments omanoil’s reputable standing as a leading Omani enterprise.