(MENAFN- Muscat Daily) Muscat- Oman Centre for Governance and Sustainability (OCGS) organised its first ever networking event at Crowne Plaza Muscat on Sunday. The event was organised to discuss the importance of the role of the board of directors in a company and also to suggest various measures to strengthen sustainable corporate governance in the sultanate.
The meeting was attended by over 100 delegates, including representatives from private sector companies, the Capital Market Authority and various government departments.
While delivering the keynote address, OCGS executive director Sayyid Hamid al Busaidi said, 'The board of directors remains one of the important aspects of corporate governance. Members of a board are custodians of shareholders' interest and they are duty bound to protect the interest of a company. It is equally important for both family-owned businesses as well as public listed companies to have qualified persons as their board members, who can guide the company to success.'
Busaidi said more emphasis should also be given on how a person is appointed as a board member in a company, and it is always good to have qualified and experienced people from diverse backgrounds on the board.
Board members should also play their role in promoting transparency and sound corporate governance in their respective firms by seeking periodic updates about the performance of their company, Busaidi said.
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