{"id":5698,"date":"2016-09-13T08:48:30","date_gmt":"2016-09-13T08:48:30","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/en\/?p=5698"},"modified":"2017-11-20T08:48:35","modified_gmt":"2017-11-20T08:48:35","slug":"the-new-cg-code-for-listed-companies-comes-into-force","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/the-new-cg-code-for-listed-companies-comes-into-force\/","title":{"rendered":"New CG Code for listed companies comes into force"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5698?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5698?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">The new Corporate Governance Code for companies listed on the<\/span><a href=\"https:\/\/www.msm.gov.om\/\"> <span style=\"font-weight: 400;\">Muscat Securities Market<\/span><\/a><span style=\"font-weight: 400;\"> in Oman came into force on 22nd July 2016, having been published in July 2015; this replaces the 2010 version.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The document lays out 14 principles that put the onus on the Board of Directors, as well as modifying a number of the earlier Code\u2019s articles. The following is a summary of the key changes and additions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Board of Directors<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Code defines the Board as the highest administration body in the organisation, in charge of leading it, keeping track of its activities and monitoring its operations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Board members should strive to achieve the firm\u2019s goals and targets and will be entirely committed to the interests of the same, as also to those of the shareholders they represent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Principle 3 of the Code specifies the Board members\u2019 roles and responsibilities, which must be defined in the company\u2019s articles of association and disclosed in the public domain. They should be aligned with the company\u2019s purpose and objectives, promoting good governance and the maximisation of its contribution to the country&#8217;s economy and society at large.<\/span><\/p>\n<p><b>How it works<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Code stipulates that the Board should meet at least 4 times a year and that under no circumstances should more than 4 months elapse between meetings.<\/span><\/p>\n<p><b>Composition<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Unlike the earlier Code, which required a majority of the Board to be non-executive, the new Code requires them all to be and for at least two of them to be independent. In any event, the proportion of independent members should represent at least \u2153 of all Board members.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Principles 4 and 5 define the functions and competences of the Board\u2019s Chairman and Secretary, with the former holding responsibility for promoting high standards of corporate governance in the Board itself and across the whole company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is more demanding than the previous Code in listing the criteria under which a board member may not be deemed independent:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Being in possession \u2013or representing a legal person that is in possession\u2013 of 10% or more of shares in the company, its subsidiaries or sister companies;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having held, during the two years prior to the appointment as board member, an executive position in the company, its subsidiaries or sister companies;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Being a relative in the first degree of a board member or someone in the senior management of the company, its subsidiaries or sister companies;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Being a board member of the company or any of its subsidiaries;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having been, during the two years prior to the board appointment, an employee of the company or one of its subsidiaries;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Possessing 20% of the shares of any of the parties mentioned in the previous points, during the two years prior to the board appointment.<\/span><\/li>\n<\/ul>\n<p><b>Transactions with related parties<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The document also contains a detailed set of rules about when a person or entity is considered to be a related party.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In any event, all transactions carried out with related parties should be reviewed by the Audit Committee and approved by the Board of Directors or by the Shareholders General Meeting, as applicable.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Committees<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Code requires the Board to set up an audit committee consisting of at least 3 board members, with a majority of these being independent, and chaired by an independent member. The Chair of the committee must not be a member of any other board committee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The audit committee will be responsible for those functions inherent to auditing and also for those functions concerning the risk management system (Principle 10).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Specifically, the committee will be in charge of proposing the appointment of the company\u2019s external auditors and for being the channel of communication between these and the internal auditor.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company\u2019s external auditors will be appointed by the Shareholders General Meeting for 4 consecutive years, and may be re-elected once two years have elapsed since the termination of their previous contract with the firm.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Board must also set up an appointments and remuneration committee (Principle 11), comprising at least 3 board members, and holding at least one meeting every two months. The Chair of this committee must not be a member of any other board committee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The committee will be responsible for supporting the Shareholders\u2019 General Meeting in appointing directors, and the Board of Directors in appointing members of senior management. It must ensure that the remuneration policies for board members and senior management are transparent and suitably disclosed to shareholders. Similarly, among other competences, it will define the Board\u2019s succession policy (or at least, that of its Chair) and that of senior management.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Code of Conduct<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The new Code requires companies to have a Code of Ethics &amp; Conduct to which board members and members of senior management must adhere. The Board will be responsible for overseeing compliance with this code (Principle 7).<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Corporate Social Responsibility<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Companies must align their mission and purpose with Corporate Social Responsibility (CSR). They will endeavour to play their part as good citizens and mitigate any adverse side effects their activities may have on the economy, the community at large or the environment in general.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company\u2019s Senior Management will be responsible for defining a strategy or annual plan laying down the company\u2019s CSR philosophy, policies and principles.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company\u2019s annual report should contain a specific report on CSR activities carried out throughout the year, the expenditure on the same, and an impact study.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Annual reports<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Finally, Principle 14 of the Code specifies that \u00a0annual company reports should identify whether the actions of the Board, of board members and of senior management comply with corporate good governance principles, standards and good practice.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The content of the annual corporate governance report is defined in Appendix 3 of the Code. There are two other appendixes, one of them containing the minimum requirements for information that must be submitted to the Board (meeting minutes, quarterly Income Statements, regulatory compliance reports, risk exposure reports, etc) and another with professional standards that must be met by board members: professionalism, due diligence, integrity and legality, among others.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new Corporate Governance Code for companies listed on the Muscat Securities Market in Oman came into force on 22nd July 2016, having been published in July 2015; this replaces the 2010 version. The document lays out 14 principles that put the onus on the Board of Directors, as well as modifying a number of [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":5622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[451,1145,452,372,417,1443,489,1444,1188,414,1448,1450,397,1180,1449,1199,347,1445,1473,1472,1447,450,1446],"class_list":["post-5698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-annual-report","tag-appointments","tag-audit","tag-board","tag-board-of-directors","tag-code","tag-committees","tag-companies","tag-conduct","tag-corporate-governance","tag-diligence","tag-income-statements","tag-independent","tag-integrity","tag-legality","tag-listed","tag-market","tag-meeting","tag-muscat-en-2","tag-oman-en-2","tag-related-parties","tag-remuneration","tag-shareholders-meeting","numero-8-en","seccion-published-and-draft-legislation-corporate-governance","pais-oman-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast 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