Oman Air is committed to comply with the Code of Corporate Governance issued by the Capital Market Authority ("CMA"). The Company has and will continue to uphold the highest standards of corporate governance. The Board and the Management strive to accomplish this through very high levels of transparency and accountability in its conduct of business. The Company's focus has been on best business practices that are ethical and fair while achieving the ultimate objective of enhancing long term shareholder value. Appropriate systems and procedures are continuously developed to evaluate and monitor the Company's processes and performance to ensure they meet high standards of corporate governance. The Company has completed formulating a comprehensive policy on corporate governance.
We have performed the procedures prescribed in the ("CMA") Circular No.16/2003 dated 29 December 2003 with respect to the Corporate Governance Report of the Company ("the Report") and its application of the Corporate Governance practices in accordance with the CMA Code of Corporate Governance ("the Code") issued under Circular No.11/2002 dated 3 June 2002,as amended. The Corporate Governance Report was approved by the Board of Directors in their meeting held on 27 February 2005 and is now being implemented.
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