2024-11-17-世界银行-阿曼国有企业（SOES）_国有企业治理实践回顾（英）_49页_4mb

OMAN STATE-OWNED ENTERPRISES (SOEs) Governance Summary

Core Content

This report is part of a World Bank initiative to review SOE governance practices in the Middle East and North Africa (MENA) region, with a specific focus on Oman. It aims to enhance understanding and promote continued reforms in SOE governance.

Main Points

• SOE Landscape in Oman: The SOE sector in Oman began developing in the early 1970s, driven by economic diversification and modernization. The establishment of PDO in the early 1960s marked the beginning of state involvement in the oil and gas sector. Over time, SOEs have been created to support infrastructure development, industrial growth, and improved public services.

• State Ownership Arrangements: The term "state-owned enterprise" is not commonly used in Omani law, but the concept of government-controlled or government-related companies is recognized. These SOEs are incorporated under the Commercial Companies Law and operate under three legal forms: LLCs, SAOCs, and SAOGs. The OIA now oversees SOEs, having been established in 2020 through the merger of two sovereign wealth funds, and is tasked with managing and improving the efficiency of SOEs.

• Performance Management Framework: The OIA has developed a performance management framework that includes key performance indicators (KPIs) for SOEs. These KPIs are aligned with strategic objectives and are used to monitor and assess SOE performance. The OIA also uses balanced scorecards and requires SOEs to prepare long-term strategies and business plans.

• Transparency and Disclosure: While most SOEs in Oman are not publicly listed, the OIA has initiated a public disclosure initiative to gradually release financial statements. There is no explicit requirement for public disclosure of these statements, but the OIA encourages it. Additionally, SOEs are required to prepare corporate governance reports and compliance reports with the OIA Code of Governance.

• Procurement Policies and Practices: The OIA has issued a comprehensive procurement and tendering policy, allowing SOEs autonomy in procurement decisions up to predefined limits. The policy includes structured procurement rules, conflict of interest management, and whistleblower arrangements. All procurement activities, especially those overseas, must be reported to the OIA.

• Climate Reporting Practices: Oman is beginning to develop climate reporting standards for SOEs, with specific targets for environmental protection and a commitment to achieving net-zero emissions by 2050. The OIA has introduced ESG guidelines in 2023, and some SOEs have already adopted detailed climate reporting practices. However, overall climate reporting is still voluntary and not standardized.

Key Information

• Legal Framework: The Commercial Companies Law and regulations by the Financial Services Authority (FSA) govern SOEs. The 2019 update to the Commercial Companies Law allowed for increased foreign ownership and enhanced corporate governance.

• OIA's Role: The OIA oversees and manages SOEs, aiming to improve their efficiency and align operations with national strategic objectives. It has developed a governance framework, including a Code of Governance, and is responsible for setting performance KPIs and procurement policies.

• Economic Context: Oman's economy has historically been dependent on hydrocarbons, which account for a significant portion of GDP, fiscal revenues, and exports. Economic reforms have been implemented to reduce this dependency and promote diversification.

• Vision 2040: This strategic initiative emphasizes governance and sustainability, with key themes including human capital development, economic diversification, and institutional effectiveness. It serves as a guiding framework for SOE reforms.

Recommendations

1. Develop a Comprehensive Ownership Policy: The OIA should create and publicly disclose a unified ownership policy aligned with Vision 2040 and the current five-year plan. This would provide clear policy guidance and ensure political accountability.

2. Streamline Legal Forms: The OIA should consider harmonizing the legal forms of SOEs to align with OECD best practices, which advocate for governance and disclosure structures similar to those of listed firms.

3. Formalize Performance Management: A formal, documented approach to SOE performance management should be established, based on a limited number of KPIs. This should include a shareholder agreement between the OIA and each SOE Holding Company.

4. Mandate Public Disclosure: SOEs should be required to publicly disclose financial statements and corporate governance reports. Larger SOEs should follow standards similar to publicly listed companies, including quarterly financial statements.

5. Publish Aggregate SOE Performance Report: The OIA should prepare a high-level report on the financial and non-financial performance of SOEs, to be included in its Annual Report. This would provide a consolidated view of SOE performance.

6. Publicly Release Procurement Framework: The OIA should make its procurement policy publicly available to enhance transparency and market confidence in the procurement process.

7. Establish ESG Reporting Requirements: The OIA should set ESG reporting standards for SOEs, including climate reporting, based on international benchmarks. A clear pathway and timetable for implementation should be established, with varying requirements based on SOE size and sector sensitivity.

Conclusion

Oman has made significant strides in SOE governance, particularly through the OIA. However, there is still room for improvement in terms of transparency, accountability, and alignment with international standards. The recommendations aim to strengthen the governance framework and ensure that SOEs contribute effectively to the country's economic and social development goals.