Nawras has always been committed to internationally recognized corporate governance practices and ethical business conduct. Nawras’ Board of Directors and Senior Management understand that their implementation of good governance practices and ethical business conduct results in sound business decisions. They also have a positive impact on public perceptions of the company and benefit the wider economic and social development of Oman.

Nawras’ corporate governance practices meet Oman’s Capital Market Authority (CMA) requirements. Nawras currently has relevant policies and regulations that include:

• A corporate governance manual detailing the role and application of corporate governance throughout the company.
• Clear delegation of power, as set out in a comprehensive manual of authority.
• Clear roles and responsibilities, as set out in the respective charters for each Board committee: the Executive Committee, the Audit Committee, and the Remuneration Committee – and each management committee: the Management Committee, the Promotion Committee, the Tender Committee, the Pricing Committee, and the Sponsorship Committee.
• An organisation structure that identifies the responsibilities related to the various executive positions within the company and the corresponding reporting structures and procedure, including the extent of the authority of each position for approval of expenditure.
• Policies to govern expenditure, including policies and procedures for accounting and procurement.
• Policies related to human resources including salaries, appointments, development, training, promotions, and termination of services.
• A policy covering related-party transactions, together with appropriate codes of ethics that apply to the Board and the company.
• A clear approach to independence in the context of Directors that is (and was already) in compliance with the recent changes announced by the Capital Market Authority (CMA).

DOWNLOAD FULL CORPORATE GOVERNANCE REPORT ⇒