BankMuscat, the largest financial services provider in the sultanate, has won the first place in the Corporate Governance Excellence Award 2011, which was organised by the Oman Centre for Corporate Governance of the Capital Market Authority (CMA).

BankMuscat was the overall winner in all the three sectors – Financial, Industrial and Services. In the Financial sector, BankMuscat bagged the top prize followed by National Bank of Oman and Oman Arab Bank.

Oman Cables Industry led the race in the Industrial sector while Oman Fisheries Company and Majan Glass Company bagged the second and third positions, respectively. In the Services sector, Shell Oman Marketing won the top accolade followed by Oman Oil Marketing and Al Ahlia InsuranceCompany.

The awards ceremony was held at the Grand Hyatt last week and H E Sheikh Sa’ad bin Mohammed bin Said al Sa’adi, Minister of Commerce and Industry, presented the honours to the winners.

Speaking to Muscat Daily, Abdullah bin Salem al Salmi, executive vice president of CMA said that most of the listed Omani companies are in full compliance with the code of corporate governance and some of them are equipped to exceed the current requirements.

“It is not the end of corporate governance requirements; we are going to the next stage now and we need to upgrade the code of corporate governance. I also think some companies are capable of doing more than the current requirements.”

Salmi added that the award encourages companies to adhere and increasingly adopt the code of corporate governance. “This competition encourages non-listed companies also to come ahead and compete with the listed companies.”

After receiving the award, AbdulRazak Ali Issa, CEO of BankMuscat said, “Our board of directors and the management pay full attention to be compliant with corporate governance requirements. We are the market leader in the business and we would like to remain market leader in corporate governance as well.

“The year 2011 has been a good year for the banking sector. We are ready to start Islamic banking services once we get a green signal from the regulator.”