At OIA, we aim to build trust and reputation based on transparency and good governance. As such, we apply the best international practices in management to guarantee the enforcement of an effective and flexible system.
The governance structure within OIA includes the Board of Director, the Executive Team, the Audit Committee, the Investment Committee, the Human Resources Committee, the Tenders Committee, and the Information Technology Committee.
The most significant steps taken towards transparency and good governance is adopting the Code of Business Conduct, which sets a clear guide for all OIA staff concerning business ethics and behaviours. Additionally, the Whistle Blowing system’s introduction enables employees to report any violations for appropriate action to be taken in a manner that preserves the rights of all parties.
The Assurance and Governance department monitors key risks across OIA by driving out gaps and overlaps to ensure resources are targeted at critical risks. They also adopt internal control frameworks and integrate risk and compliance across all business processes so that OIA runs efficiently, effectively, and economically.
OIA is currently reviewing all its governance manuals post the RD issuance that constituted the merger between SGRF and OIA
In 2014, OIA launched the Violations Reporting System. It is one of OIA's multiple lines of defence. The System has a high level of confidentiality to hide the identity of the reporter. The launching of this System came as a result of OIA members' strong belief in the importance of their standing together to prevent any of OIA staff from committing wrong practices that may damage OIA's reputation or jeopardize its financial status. The system allows the reporter to describe certain incidents or employees who break the work systems or the procedures applicable at OIA, whether the same has to do with financial transactions like tenders and investments or administrative operations. Based on such reports, an independent committee carries out an internal investigation and then refers its report to the competent authorities.
Audit Committee Chairman
To ensure transparency and achieve the best control of its transactions, OIA goes through three different auditing stages. Through the Internal Audit Committee, the financial statements as well as OIA transaction-related data are drawn-up and audited. Besides, OIA Board puts up its recommendations relating to the appointment of an independent auditor to the FAERC for approval of the same. The OIA is subject to be audited by the State Audit institution (SAI), an independent regulative body that oversees the performance of different government authorities in the Sultanate and presents its unbiased notes on the financial performance, investments and other OIA transactions to ensure its compliance with the laws and regulations
The Oman Investment Authority (oia) is a member in the International Forum of Sovereign Wealth Funds (IFSWF) since April 2015.
Founded in 2009, IFSWF is a voluntary group of Sovereign Wealth Funds (SWFs) which meets to exchange views on issues of common interest and to facilitate adoption by members and a greater understanding of the Santiago Principles and SWF activities internationally. The Forum operates in an inclusive manner and facilitates communication among SWFs as well as with recipient country officials and representatives of multilateral organizations and the private sector.