The Oman Update - 1161

Ministerial Decisions

Ministry of Commerce & Industry

Ministerial Decision No. 201/2016

Amending certain provisions of the rules and conditions for the election of members of boards of directors of public joint stock companies, and the provisions relating to their responsibilities (issued by MD 137/2002).

This decision aligns the rules with the Code of Corporate Governance issued by the Capital Market Authority in 2015. The amendments require (amongst other things) that all board members be non-executive and at least one third of them be independent (a minimum of 2 members). The amendments also list the criteria of an independent member and require the board to establish a 'Nomination and Remuneration Committee'.