International code of Corporate Governance
In June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable to companies whose securities are listed on the Muscat Securities Market. The Code, drawn from codes of best practices from around the world but adapted to the local market, seeks to promote a "culture of compliance, transparency and accountability without limiting business initiative. Which of the following is not one of the International code of Corporate Governance ?
At least half the board, excluding the chairman, should comprise non-executive directors
On retiring, a Chief Executive should become a chairman.
Levels of remuneration should be sufficient to attract and retain directors
Chairman and chief executive officer should be separated
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