OCCI to expand board; expat investors in Oman eligible to be members

MUSCAT: The Oman Chamber of Commerce and Trade (OCCI) will introduce new seats which will probably be reserved for board members from public shareholding corporations and for an expat investor holding investor residence.

The choice comes as a part of increasing the board primarily based on the brand new OCCI bylaw. Early this month, His Majesty Sultan Haitham Bin Tarik issued a Royal Decree (56/2022), that promulgated the system (bylaw) of the Oman Chamber of Commerce and Trade.

Underneath the brand new bylaw, the OCCI’s board of administrators will consist of 5 members from the Muscat Governorate, and the heads from the provinces, along with together with 5 new seats for the board members of public shareholding corporations listed on the Muscat Inventory Alternate or their chief executives, and a seat for one of many ex-pat buyers benefiting from an investor residency program, which the federal government launched final yr.

Based on the bylaw, if the board fails to appoint a international investor, the seat shall be crammed by one of many candidates of the general public joint-stock corporations.

The brand new bylaw additionally said that the candidates (within the board) should have a bachelor’s diploma or sensible expertise in conducting enterprise within the non-public sector for not lower than 10 years.

Based on the bylaw, the chairmanship of the Board of Administrators ought to have a minimal working expertise of not lower than 15 years within the non-public sector, and “it’s not permitted to run for the chairmanship for greater than two consecutive phrases.”