The issuance of the latest Royal Decree regarding the Oman Chamber of Commerce and Industry (OCCI) aims to enhance the functions and responsibilities of the Chamber.
OCCI mainly represents the interests of the Omani private sector and seeks to support the growth of businesses across various economic sectors, which can flourish only with an experienced board and efficient management at the helm – goals that are part of the framework of Oman's 2040 Vision. The decree requires the Chamber's Chairman to issue the executive regulations within one year and it cancels the previous regulatory system governing the Chamber issued in 2017.
According to the decree, the Chamber will have its elected board of directors, in addition to the existence of another elected council to manage each branch of the Chamber in each Omani governorate. But what is new in the decree is the need for the Council to offer its feedback on the draft legislation regulating private sector activities and other economic legislation and laws before issuing them.
This means that no law or legislation related to the private sector and its institutions and companies can be issued without the approval of the Chamber’s Board of Directors.
This move will contribute to mitigating the difficulties faced by Omani business owners in organising their business. The decree also gives an opportunity to the Chamber's Board of Directors to submit proposals related to the development of economic sectors to the concerned authorities directly. It exempts registration for membership in the Chamber for individuals who engage in small businesses or simple crafts with low expenses, such as street vendors, or those who carry out small transportation businesses.
This gives the operators of such activities to practice their business according to their financial capabilities.
The decree also calls for meetings of the Chamber's general assembly and for a vote on its decisions using appropriate means of audio-visual communication between members without the need for their presence. This will require the adoption of technological modes before and during the convening of the general assembly.
As for the Chamber’s Board of Directors, it will consist of five members elected by secret ballot from the Governorate of Muscat, in addition to the heads of the branches’ boards of directors, plus five members of public shareholding companies listed on the Muscat Stock Exchange, besides a member representing foreign investors holding an investor’s residence.
These new articles will apply to the work of the next council in its next session. In all cases, the board may not interfere in any work that falls within the competencies of the executive management of the chamber.
There are many other conditions that must be resolved in selecting the chairman of the board of directors, the tenure of the members, how to practice volunteer work in the chamber, how to monitor the accounts of the chamber and its branches in the governorates, and the management of the chamber's funds.
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