MUSCAT, 14 May 2012 - BankMuscat, the flagship financial services provider in the Sultanate, in partnership with the Global Board Centre of the Institute of Management Development (IMD), Switzerland, organised a workshop on corporate governance for the bank’s board of directors. The workshop facilitated by Professor Didier Cossin, Director of IMD Global Board Center, was designed and customised for the bank’s board of directors led by Sheikh Khalid bin Mustahail Al Mashani, Chairman.
The workshop addressed best bank and non-bank board practices in order to inspire continuous improvement in corporate governance in the bank. Other themes included causes of board failures, what makes boards effective, building strong management pool, establishing winning board culture and board’s role in driving strategies. The workshop benchmarked what boards of leading organisations do to maintain being the best in the world.
The IMD Global Board Center is the leading board education center in the world. It works with boards of prominent companies in Europe, the Middle East, the Americas and Asia. Global best practices in corporate governance acknowledge the necessity of regular and well tuned education to board members. The best boards engage in specific, targeted education to improve corporate governance standards to ensure the success of organisations.
BankMuscat is the overall winner and the 1st place winner in the financial sector category in the Corporate Governance Excellence Awards hosted by Capital Market Authority (CMA). The board sets the tone and ensures that the bank is committed to fostering the corporate governance culture. The bank follows an internal review of practices to benchmark not only locally, but internationally against the Basel regulations and against top companies in the region and further afield.
The board and the management of BankMuscat have absolute belief in and understanding of the key principles of corporate governance which is reflected in the way business is done. The main advantage of advanced corporate governance is that it protects all stakeholders – customers, creditors, regulators, shareholders and staff.
Having the full suite of relevant policies in the areas of risk management, disclosures, anti-money laundering (AML), staff training and whistle blowing to flag an area of concern, BankMuscat fosters the culture of openness, transparency and accountability.