Oman Board Analysis 2018


As a part of our study of the corporate governance practices in the MENA (Middle East & North Africa) region, we have studied and published a report titled, “Oman Board Analysis 2018”. This report analyses the board and board committees’ compliance with corporate governance code of listed companies in Oman. This report is the second edition of our previous report released in January 2018. In this report we have analyzed 110 companies listed on Muscat Securities Market, the stock exchange of Oman.

Key insights from this report are:


  • Law: Board should be entirely composed of non-executive directors
  • Practice: 6 Omani listed companies have one or more executive directors on their board


  • Law:1/3rd of all directors on board should be independent with a minimum of 2 independent directors
  • Practice: 7 companies have less than 1/3 representation of independent directors ; 5 companies defaulted on 2 minimum directors requirement


  • Law: Majority members of audit committee (AC) should be independent directors
  • Practice: 17 companies did not have a majority of independent audit committee members


  • Law: AC chairman must be independent & not be board chairman or member in other committees
  • Practice: 7 companies did not have independent audit committee chairman; 2 companies had same chairman for audit committee & the board; One company had audit committee chairman as a member on 2 other board committees


  • Law: Nomination & Remuneration (NR) committee formation with minimum 3 directors
  • Practice: 8 companies did not form NR committee; 4 companies had less than 3 directors on NR committee


  • Law: NR committee should meet at least twice per annum
  • Practice: 4 companies convened 0 NRC meetings and 10 companies convened 1 meeting


Download the full report here: Oman Board Analysis 2018