Petroleum Development Oman (PDO), Oman Centre for Governance and Sustainability (OCGS) and the five Super Local Community Contractors (SLCCs) (Al Haditha, Al Baraka, Al Sahari, Al Khazain and Al Sawari) established by PDO, are collaborating to develop a structured standard code of corporate governance with a vision to maximise the long-term value for SLCCs and their shareholders.

An agreement to regulate this partnership was signed by representatives from the seven parties today at the second edition of the Oman Society for Petroleum Services (OPAL) Oil and Gas conference.

The 20-week project to develop and issue a Code of Corporate Governance will include the development of a mandate for SLCCs to assist them in complying with corporate governance best practices, assist SLCC boards of directors and management in managing their business strategically and effectively, while also improving business decision-making process, risk mitigation, business growth and sustainability.

In addition, the code aims to develop the culture of accountability and transparency in business and enhance the knowhow in protecting the interests of shareholders.

The benefits of the project will extend beyond SLCCs, which are registered as closed shareholding companies (SAOCs) and are owned by more than 9,700 shareholders residing in PDO’s concession area, to cover all existing and newly established SAOCs in Oman.