Oman tops Gulf list on corporate governance

OMAN ON TOP: Firms in cities such as Muscat scored highest in the Gulf for corporate governance. (Getty Images)

Oman has come out on top in an assessment of corporate governance in the Gulf, closely followed by Bahrain.

A report from TNI (The National Investor) and Hawkamah, the Institute for Corporate Governance, rated all listed companies in the GCC according to 43 parameters within three main areas: trading history, corporate communications and disclosure.

A company’s score was more likely to be affected by the country it is listed in than by its size or sector, according to the report, titled “Back to BASICs” (Behavioral Assessment Score for Investors and Corporations).

Saudi Arabia and Kuwait, although the most liquid and mature markets in the region, scored the lowest. Only one third of companies there publish their annual reports in English.

The Saudi market has been retail driven and has therefore had limited demand for information in English, Amer Halawi, Head of Research at TNI and author of the report, said.

“This will surely change,” he added.

Less than one in ten GCC companies preannounce their results publication dates and two in five have no website.

Only two percent of GCC companies hold analyst meetings, the report found.

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