Towards a unified governance framework for state-owned holding enterprises, Oman Investment Authority holds the Second Workshop of the "Rawabet" Program for Chairpersons and CEOs
Oman Investment Authority continue to hold a series of workshops for its holding companies’ chairpersons and CEOs as part of the ‘Rawabet’ program, which aims at establishing a comprehensive governance framework for State-Owned Enterprises (SOEs).
The workshop started with a note by His Excellency Abdulsalam bin Mohammed bin Abdullah Al Murshidi, President of the Oman Investment Authority, complementing the dedication and cooperation demonstrated by the SOEs towards achieving the ultimate objectives of ‘Rawabet’ program. His Excellency highlighted the matters covered in the first workshop including the grounds for which the program was established, focusing on the strategic directions of the companies and their alignment with the Oman 2040 vision, particularly highlighting partnership with and empowerment of the private sector.
The workshop also hosted His Excellency Qais bin Mohammad Al-Youssef, Minister of Commerce, Industry, and Investment Promotion, who stated that he looks forward towards the anticipated governance policies and frameworks for the state-owned enterprises to ensure the empowerment and integration of the private sector as well as to promote synergy between the companies within the business community at large. His Excellency also highlighted the importance of cooperation with the Ministry in line with its plans for private sector development, the adoption of local content approach through supporting local products, and prioritization of local industries in tenders. H.E. further noted the importance of empowering SMEs, especially at this stage of the changing economic landscape.
The wokshop highlighted the key pillars of ‘Rawabet’ program, namely corporate governance of the state-owned enterprises, strategic managment direction, and the synergies between them. The wokshop further discussed the developments in the governance programs such as the tendering and procurement policies, guidelines for risk, compliance and business continuity, internal auditing, information security policies, and those related to treasury policies.
It also covered the Board Charter for subsidiary companies, clearly identifying roles, responsibilities and powers entrusted to the boards, individually and collectively, and policies that set the direction for the executive management. Additoally, items and decisions that require the direct approval of Oman Investment Authority were presented at the workshop along with their goverinig principals.
‘Rawabet’ program was launched recently with the aim of establishing the general framework for the governance of state-owned enterprises, and establishing a common ground for the policies and systems of these companies in alignment with the overal strategic policies of the authority, which is also aligned with Oman Vision 2040 under the utlimate objective of economic diversification.
The program also aims to help companies overcome challenges and improve their performance towards achieving their goals, and further maximise private sector empowerment. Additionally, the program aims to create a comprehensive plan towards maximizing the in-country value of the authority investments, while keeping in mind matters related to investment exit, partnership, and listing in stock markets among other key areas. Rawabet will also serve as a platform for the exchange of resources, experiences and best investment practices.