Oman Investment Authority 

GOVERNANCE AND TRANSPARENCY

At OIA, we believe that success can only be achieved by gaining trust and building a name that is linked to transparency and governance. This is particularly true if such name is supposed to shoulder the responsibility of providing a decent life for the Sultanate's future generations as well as those living on its good soil.

 

In light of this, OIA has taken a number of steps that create a solid internal foundation to maintain high levels of governance and transparency. The most notable step taken towards achieving this goal is the issuance of Authorities and Responsibilities Manual, and the investment manual in 2013, which draws the roadmap for each department in OIA in order to prevent any conflict of responsibilities or undesired overlap between the authorities granted to each department, and to maintain the integration between the duties of departments in a manner that achieves OIA objectives.

 

In addition to the above, OIA adopted the Code of Business Conduct. It is a guide for all OIA staff outlining the ethics and behaviours, which an OIA employee should emulate, as they reflect OIA integrity. The goal behind this is to gain the trust of whom OIA is deals with. The Whistle Blowing system was also introduced to report any violations and take appropriate actions in a manner that preserves the rights for all parties.

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OIA Management has been working towards updating and improving OIA  governance frameworks to keep pace with the requirements of the age and achieve a better operational and investment performance. It also aims to realize the goals entrusted with the fund, pursuant to Royal Decree No. 1/80, and its amendments, to establish the sovereign wealth Fund.

 

OIA applies the best international practices in the area of governance to guarantee the enforcement of an effective and flexible system that interacts with the requirements of each stage without contravening the existing laws.

 

The governance structure of OIA consists of a set of executive, administrative and regulatory levels that include OIA regulative body represented by the Financial Affairs and Energy Resources Council (FAERC), OIA  Board of Directors and the Executive Team responsible for managing the OIA operations including the Audit Committee, the Management Committee, the Investment Committee, the Human Resources Committee, Tenders Committee, and the Information Technology Committee.

CORPORATE GOVERNANCE MANUAL

OIA is currently reviewing all its governance manuals post the RD issuance that constituted the merger between SGRF and OIA

 

WHISTLE BLOWING POLICY

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.

 

OIA Whistleblowing

 

Email: whistleblowing@oia.gov.om

Tel: 24745700

 

Audit Committee Chairman

Email:AC.Chairman@oia.gov.om

 

INTERNAL AND EXTERNAL AUDIT

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

 

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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.

 

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