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Corporate Governance is the set of laws, regulations, rules, policies and delegated authorities which determine how the business of a corporation is conducted, administered and controlled through its executive management and staff to achieve the long term strategic objectives of the shareholders and other stakeholders, including creditors, employees, customers, suppliers and the community in which it operates without prejudice or bias to any one stakeholder.
Corporate Governance controls the relations between the company’s stakeholders and strikes a balance between the interests of stakeholders on the basis of accountability, transparency and cooperation to ensure protection of the interests of all the stakeholders and to prevent the unfair dominance of the interests of any stakeholder over the interests of the others.
Oman LNG LLC is committed to the highest standards of Corporate Governance in the belief that by doing so it will achieve sustainable exceptional performance in all areas of profitability, Corporate Social Responsibility and growth of its business and employees.
In 1994 Oman LNG LLC was formed under Royal Decree and based upon a detailed Shareholders Agreement and Constitutive Contracts. Being an Omani company, it is also governed by the laws and regulations of the Sultanate of Oman. Other key documents which are part of Oman LNG’s Governance Framework are the Gas Supply Agreements, The Sales and Purchase Agreements and the Loan Facility Agreement as well as Oman LNG’s mission, vision, values and Statement of General Business Principles. The resulting Governance Framework translates into non-executive and executive structures, policies, strategies, key business objectives and goals, delegated authorities and controls which are regularly reviewed and updated by the Board of Directors and Management to ensure the success of the enterprise and adherence with best practices.
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