The report is based on the corporate governance of Oman Tell. The corporate governance takes into considerations organization stakeholders as governmental participant, the principle participants. The corporate governance always remains as the well-discussed and controversial topic among the corporation, shareholders and the public. Corporate governance is defined as the policies, mechanism as well as the processes in which the organizations are directed, is internationally identified as the significant ethos to maximize the growth and ethical conduct of corporation. Nevertheless, the debate over what constitutes “effective governance” lacks the structure and making it difficult for shareholders alike to have a constructive discussion regarding how to improve corporate outcomes. The capital market authority of Oman published Code of Corporate governance for the public held joint stock organizations in the last year.
The report is fundamentally based on the corporate governance adoption in Oman based telecommunication organization namely “Omantel”. It is identified that Oman Telecommunication Company is committed to the highest standards of Code of Corporate Governance. The organization has implemented different principles of Code of Corporate Governance in respect to the appointment of individuals of the Board of Direction Baydoun et al. (2012). The company ensured the adequacy and efficiency of internal controls in all aspects of the organizational operations and transparency. The audit committee of the company includes the oversight adequacy of the internal control system through the regular reports of the internal and external auditors (Al-Malkawi, Pillai and Bhatti 2014). The company excelled in the tough competition against the telecom organizations from around the country to meet its corporate goals. In addition to this, Omantel has implemented a corporate governance framework that is emphasized on the role of leadership in strategic decision making implemented by the board of the directors. The framework is developed on the transparency of management choices both within the organization and with respect to the industry. Moreover, Omantel considers corporate governance as the significant facilitator to formulation of long-term values for its stakeholders. The organization insisted on an innovation-led culture, high behavior standards as well as the streamline procedures. The company is focused on enriching the lives of its customers developing a strong as well as relationship with the relationship with the employees and suppliers. In implementing this task, the company ensures that they manage the risk and resources with appropriate techniques. In developing the corporate governance framework, the organization constantly assesses the external factors that highlight the risks and opportunities for the business to assure its strategies are appropriate. The company works closely with the community groups and organizations to make a significant difference to the future development of the country. The company places a significant emphasis on the development of youth in Oman.
The aim of the report is to identify the issues related to corporate governance practices developed by Omantel. The report effectively analyzes the problems faced by the company relating with the existing theories, models and analysis. A critical analysis about the corporate governance practices developed by Omantel in the previous assignment has been established. A critical evaluation of the theories related to the corporate governance has been discussed in the report. The objective of the report is to evaluate the issues that Omantel faces in implementing the corporate governance practices. With an appropriate justification, the models and theories related to the corporate governance issues have been selected. In addition to this, the report also covers the debate and analysis made in the existing literature regarding the corporate governance of Oman and other countries.
To conduct the report, the concept of corporate governance has been discussed in the introductory part of the report. The significance of corporate governance in the telecommunication sector of Oman has also been discussed in the introductory part of the report. In order to conduct the critical analysis, the data from different secondary sources such as peer-reviewed journals, books and annual report have been collected. While making the analysis, the outcome of existing studies on corporate governance have been linked with the outcome found in the previous assignment on the corporate governance of Omantel. The discussion on theories helps to find out the gaps in the previous studies; likewise, based on the discussion developed in the report, appropriate recommendation has been established in the end of the report. Eventually, the report is concluded by summarizing the entire findings with the significant keyword related to corporate governance.
The discussion provided in the assignment 1 helps to learn that the telecommunication organization Omantel is one of the leading service providers in the Sulatante of Oman. The organization has the highest market share with the domestic as well as international telecommunication services in Oman. The major objective of the organization is to become a valuable brand in the telecom sector. Corporate governance is defined as the policies, mechanism as well as the processes in which the organizations are directed, is internationally identified as the significant ethos to maximize the growth and ethical conduct of corporation. The discussions also indicate that the company in the recent time is planning to adapt to the privatization’s policies imposed by the government. There are significant principles that should be applied by the organizations implementing corporate governance framework in Oman. As put forward by Alam Choudhury and Nurul Alam (2013), the corporate governance is considered as the system that is mostly used for providing a structure and guidance to the organization that contribute to the decision making. In this context, ArAs, (2016) commented that corporate governance is the technique based on which an organization is directed and managed. It comprises the structure, rules as well as policies for making decisions about the corporate affairs as well as achieving the objective of the organization. In this context, Al-Janadi, Rahman and Omar (2013) commented that the corporate governance practices are developed to influence the employee behavior as well as the performance. The corporate governance practices are developed to optimize the accountability, transparency as well as efficiency in ways that meet the dynamic circumstances. Each organization in the country has to develop certain policies while implementing the corporate governance practices. Thus, the principles of Omantel include Shareholder rights, stakeholder rights, board responsibilities, integrity and ethics, discloser and transparency. As put forward by Hassan Al-Tamimi (2012), the shareholders of the organization posses some particular rights that should be free to exercise based on which the organization have to help them in communicating the information regarding the organizational performance at the time of general meeting they are allowed.
On the contrary, when it comes to shareholder right, the organization should identify if they are any legal or other forms obligations with the stakeholders as well as must work to complete them. These set of principles helps Omantel to win several awards and accolades in the last year. Likewise, the another significant principle is the board of responsibilities, which means the board have to take acquire both the understanding, skills to fight with the problematic situations. They should be able to challenge the management procedures. As mentioned by Piesse, Strange and Toonsi (2012) a board needs to get a sufficient number of members to make sure that effective level of communication could be received from them regarding all responsibilities of the board. While taking the responsibility, the board must have to include a number of executives as well as non-executive board members. Alternatively, Zeitun (2014) commented that integrity and ethics should be developed in the corporate governance practice of the organizations. This means the company should use some code of the conduct for the directors as well as for the executives such as ethical and other responsible decisions. Lastly, disclosure and transparency is one more significant principle that must be followed in the corporate governance framework of any organization. As opined by Amico (2014), the role and responsibilities of the board and the organization management should be clearly communicated the shareholder of the organization. Simultaneously, the organization should preserve the integrity of the financial reporting. Similarly, the disclosure formed by the company should be timely as well as stable with clear and factual information about the organization.
The corporate governance principles of Omantel are developed with the outstanding values that are made for the customers and stakeholders. It has been found that corporate governance framework of the company is aligned with the sustainability strategy framework. The sustainability strategy framework of Omantel highlights its priorities to continue and maintain the sustainable development. As put forward by Al-Najjar (2014), some significant changes that are considered to be implemented strategically over six year, could transform Omantel. In addition, the organization does the business; the changes could enhance the services to its customers and build strengths about the opportunities. Furthermore, it has also been identified that the leading telecommunication organization Omantel continues to become the giant in the industry to become a significant aspect of Sultanate’s corporate sector through its high investor grade rating. As mentioned by Alani and Khan (2015), the agency has maintained is “BBB” as well as “A3” rating assigned by “standards” and “Poor’s”. As country’s pioneering telecommunication service provider, Omantel work to connect the most remote communities in Oman to each other and to other parts of the world. In this context, Obeidat et al. (2016) added that the understanding the integrated telecommunication solutions service, the organization gained the ability to provide the broadest choice, widest coverage as well as the state of the mobile and fixed broadband services.
All associated party transactions especially are undertaken considering the principles of code of corporate governance; however, Omantel’s Board also validates these. One significant area worth mentioning is, any member of Omantel’s board or audit committee, who might be party to such type of transaction is not supposed to take part in the decision-making process. Additionally, he internal audit reports directly to the audit committee that are entirely independent of management. Likewise, it is also observed that Human Resource committee the board usually approves remuneration and other HR related aspects. The board of directors is developed of some particular members. As mentioned by Fayezi, O’Loughlin and Zutshi (2012), the board of directors of the company is composed of nine members with the five members who represent the government share with the including of the position of the chairperson. Each department involved in the board take the responsibility of both corporate governance and sustainable development. In addition to this, telecommunication giant Omantel has delivered a persistent value for the shareholder and stakeholders in last few years. As put forward by Zeitun (2014), in the previous year, the organization on revenue growth was around by 6.9% to RO 515 million in compared to RO 481.2 million in the corresponding period of 2015. Moreover, in the recent time, the organization has landed a number of prominent sub-marine as well as terrestrial cable that links Asia, Africa, Europe and other part of the world.
Besides, most of thee listed organizations in Sultanate of Oman have been adhering to corporate governance practices framework but there are some significant challenges that should be considered to achieve the aim and objectives. As mentioned by Al-Najjar (2014), the corporate governance framework developed in the corporate sector of Oman enables the organizations to supervise it to protect the interest of the stakeholders. The regulatory bodies of the country have out some restrictions, which compelled the organization to embed the business corpora culture into the business operations. It is not sufficient for the organizations to ensure that organization adhere to the corporate governance norms; however, the firms should believe in the corporate culture and implement them as per the requirement.
The major grounds that enable Omantel to follow the corporate practice into the business is the enhanced Omantel management structure that persistently strives to raise the disclosure as well as investor communication standards to the phases required by local, regional and internal investors. A significant emphasis, the company places is on the management structure and based on the management structure, the company has effectively developed the relationship with the global investors. From last decades, the nation was deteriorating in corporate development due to the economical imbalance and lack of effective regulatory body’s control. In last few years, the country focused on its own resource to enhance the internal growth. Therefore, the nation needed appropriate governance in private and public sector organizations.
Agency theory- As put forward by Wolf (2014), the agency theory has been developed with its roots as well as exposited by Demsetz and Alchian. The theory has been developed to assess the relationship between the principals such as shareholders and agents, organizational executives and managers. According to the principle of theory, the shareholders who are the owners or the principles of the organization hire the agents to perform the work. Likewise, the principle of theory lead the running the business to the directors or managers, who are the agents of shareholders. On the other side, Mitchell and Cohen (2015) commented that agency theory divides the corporation in two significant areas keeping the managers and shareholders in loop. Conversely, Fernando and Lawrence (2014) mentioned that agency theory suggest that employees and the managers in the company can be self-interested. Furthermore, the principles of agency theory indicate that shareholders could expect the agent to act and make decisions in the principle’s interest. On the other side, it is also observed that theory puts a restriction, which indicates that agents may not necessarily make the decisions in the best interest of the principle. In addition to this, the agent might be succumbed to self-interest, opportunistic behavior and they could fall out of the congruence between the aspiration of the principle and the agent’s pursuit. In fact, the understanding of risks could defer in its approach. Though there are many disadvantages associated with the theory, the agency theory was developed as the separation of ownership and control.
Although, the theory is developed with several tactful principal, in the context of corporate governance framework development, principles cannot be developed, as the organizational body, which maintains the corporate governance practices might not comply with the principals. This could happen as the board members of the organizations and shareholder might not share the same opinions on the development of corporate governance practice. As put forward by, Mitchell and Cohen (2015) the organizations gain the success of corporate governance as they have very stable and strong relationship with the shareholders and principals involved in the deals. In several cases, the originations fail to make such deal. However, Omantel has been successful in developing thee corporate governance practice, as the board of the company placed a significant attention towards the relationship between the shareholders, stakeholders and other parties involved in the framework development. In addition to this, the organizations have positively gained the corporate sustainability.
Stakeholder theory- This theory revolves around on the issues regarding the stakeholders in an institution (Brower and Mahajan 2013). It specializes that a corporate entity invariably maintains the balance between the interests of diverse stakeholders to make sure that each interest consistency receive some particular extent of satisfaction. Nonetheless, Harrison and Wicks (2013) commented that there are several arguments formed that this theory is very narrow as it recognizes the shareholders as the only interest group of corporate entity. However, it is also observed that the stakeholder theory is effective in defining the role of corporate governance than the agency theory since it points out different elements of the organization (Tullberg 2013). Alternatively, it is also identified that shareholders are often considered as the major aspect of the organizations as they are the owners of the business. Therefore, the satisfaction of shareholder highly matters in both internal and external development of the business. In this context, Omantel is a step ahead, as they have effectively realized the importance of shareholder needs and demands. It would not be possible for Omantel alone to develop the corporate governance practices, if shareholders involvement is not considered.
The business models of the organization now converts the inputs of investors, employees as well as the suppliers into the category that can be sold to consumers. Likewise, it gets back to the shareholders. As opined by Bridoux and Stoelhorst (2014), the organizations that involve the country’s regulatory bodies, political group, and trade association communities in developing the corporate governance often stay from the possible risks, stakeholder disagreement and political barriers. In addition to this group involvement, the competitors and prospective bodies can be considered as the stakeholder to enhance the business efficiency (Laczniak and Murphy 2012). It has also been identified that the stakeholder theory has become more famous and prominent as many authors have identified that the activities of a corporate entity influences the external environment with the accountability of the organizations.
Resource dependency theory- The fundamental propositions of resource dependency theory includes the need for environmental linkage between the organizations and outside resource (Kozlenkova, Samaha and Palmatier 2014). In this particular context, the directions try to connect the organization with the external environment. Therefore, it can be mentioned that board of directors is a significant procedure for absorbing critical aspects o the environmental uncertainty into the organization. On the contrary, Wry, Cobb and Aldrich (2013) commented that environmental linkage or network governance might lessen the transaction expense involved h with the environmental inter-dependency. Thus, the companies need the appropriate amount of resource, which could lead to the improvement of exchange relationship. Additionally, it can be motioned that uneven distribution of essential resource could result in inter-dependence in the organizational relationship. This theory can be applied to governance framework of Omantel as the directors or the board members of the organizations play a significant role in developing corporate governance practices. They have maintained the strong balance between the internal organizational development and corporate sustainability. The directors serve the link the external resource with the firm to overcome the uncertainty because the management of uncertainty is significant and crucial for the survival of the organization.
Above-mentioned discussion clarifies that among three different theories stakeholder theory is more relevant to the corporate governance practice framework developed by telecommunication organization Omantel. There are certain discrepancies in the agent theory, as in agency theory the involvement of agent’s are much larger than the members of organizational involvement. Therefore, any decision taken by the agents is biased. The involvement of shareholder is less. On the contrary, the stakeholder theory helps to keep the balance between the diverse stakeholders. The involvement of each corporate body is equal. Therefore, whenever the organization takes any decision regarding the business or external and internal environment, the opinions of shareholder, stakeholder, and other parties involved are considered. Alternatively, it can also be mentioned that resource dependency theory effectively identifies the environmental gap between the organization’s external and internal environment. By applying this theory, the organizations find out the scarcity of resource that which is required for the organizational development as well as sustainability. By meeting the fulfilling the gap of resource, the organization well contributes to the maintenance of corporate governance practice.
The critical discussion above also indicates that involvement of the government also helps Omantel to maintain the corporate framework. With the positive involvement of the government, the company Omantel communicates with the remote communities of the country. The government of the country contributes a lot to enable the digital society to grow. Furthermore, it can also be mentioned that the company broadly innovates to provide the highest levels of customer satisfaction with the help of the broadest as well as most reliable nationwide channel simultaneously investing on future development. Additionally, it can be added that the principles of stakeholder theory are completely related to the board activities of Omantel. For example, the executive committee of Omantel consists of five members of board and they take the responsibility of supervising the external strategic aspects such as yearly budgets, plan and corporate budgets.
Conclusions
Corporate governance is defined as the policies, mechanism as well as the processes in which the organizations are directed, is internationally identified as the significant ethos to maximize the growth and ethical conduct of corporation. On the completion of the report it can mentioned that the organizations in both public and public in Oman have gained the ability in maintaining the corporate social responsibility. The organizations collaborating with the government have taken several initiatives for corporate and social development. The organization has put a strong emphasis on the corporate governance framework. By implementing the corporate responsibility, the organization has strengthened its brand position in the brand position in the market.
It can be mentioned that organization Omantel is on the initial stage of adoption of corporate governance. The past scenario of Omantel indicates that the firm was lagging behind in implementing the corporate responsibilities. However, presently, the company has effective record of corporate governance due to continue social and organizational development. Thus, to maintain this continuous development, the organization should intensively review the principles of corporate governance and endeavor to enhance the quality of operation. The organization should build the audit committee, which should be comprised of four members from the board. The audit members should take the responsibility of all audit and reviewing the financial reviews, methods, policies and risk evaluation procedures. Likewise, the organization should also develop the human resource committee involving another four members who will take the responsibility of HR policies and procedures, the total number of employees, training and development programs. The formulation of human resource department is essential, as the stakeholders involved in the governance should be provided with the sufficient benefits. Alternatively, the organizations could utilize the governance framework to enhance the accountability among the business leaders and owners of thee organization to deliver a better performance.
Managing the product producing process in the project management is much difficult for the individual beings. The entire journey has been much promising for me and it has created the significant impact on my career. In this journey, I have faced many incidents that helped me in identifying my capabilities and weaknesses altogether. We all know that every organisation face the different types of problems and conflicts. Most of the problems are faced in developing the products or systems. At a certain point, I became confused whether I should expand my capacity or not. In fact, I have observed that there are the potential challenges faced in allocating the resources for the company. In order to resolve the issues, it was necessary for me to establish some of the elements of change that the organisation requires adopting within the specific time span. I have learnt that these projects are generally formulated for carrying out these specific changes. An individual has to be much responsible to measure the succession of the project. Therefore, I had to be capable enough in managing the successful completion of the projects.
While undertaking the new project, it was essential for me to identify the uniqueness of the project in terms. In fact, the resource allocation of the resources and establishing the priority lists were also necessary for conducting a project development process. One thing that I needed to pay more concentration on was the right attitudes and beliefs. I had to adopt the proper styles and attitudes to guide the principles and control the project activities. The evaluation of the project work depends on the efficient organisational structure. The operating constraints have the special impact on the completion of a project. Therefore, I needed to be cautious about the changes in the priorities, project personnel, available resources, and other contingencies. The major focus was on the rules and regulations that I needed to follow while undertaking the project.
While initiating the project, I had to pay attention towards some of the project management techniques. First, I needed to establish the initiation team that is associated with the people in the organisation for carrying out the project. Second, it was necessary for me to establish the effective relationship with the customers to identify their requirements and expectations about the product. It helps in fostering the strengthened relationship with the potential customers for the longer period. Third, I had to prepare the project initiation plan that describes the activities associated with the project management process. This phase specifically defines the goals and necessary budget for the project. Fourth, I needed to establish the management procedures that determine the coordinating with the team members by maintaining the proper communication transparency. I was much concerned in building the team with proper communication and helpful coordination process. The final stage was to establish the management environment and the proper workbook. This workbook is specifically focusing on the collection of the project tools that are necessary for managing the project activities.
In order to plan the project in an effective way, it was necessary for me to follow the sequential procedures of project planning. These procedures are as follows:
The project initiation plan was quite helpful for me to understand the entire execution process. These responsibilities were quite challenging for me since it determined many of the complex procedures. However, I was quite fortunate that I could access to some of the necessary tools to assist with the execution of the responsibilities. I used the computers and some of the software tools that were much helpful in completing the works by saving efforts and time. It is often noted that the project manager require the project management tools depending on the management style. Programme Evaluation Review Technique (PERT) and Gantt Charts are the major tools that I had used for this project purposes.
PERT tool is mostly used for planning and controlling the project management activities. This tool helps in completing the project in a significant way. The PERT chart and the CPM chart (Critical Path Method) are interconnected. The only difference found in these two charts is the computed process of time allocation. On the other hand, Gantt chart presents the sequential activities with the proper time allocation.
In order to complete the project, I had to pay several specific concentrations on some of the theoretical information. Besides the practical experiences, I had to gather knowledge from the theoretical perspectives as well. In order to conduct the project management process, I gathered the information about three specific theories of project management. These three theories are Agency theory, Stakeholder theory, and Resource dependency theory. The agency theory specifies the roles of the external agents in completing any specific project. It generally explains the efficient relationship between the agents and the principals in business. Agency theory mostly addresses the conflicts that may appear during the project management process.
On the other hand, the stakeholder theory is the theory of business ethics and organisational management that describes the values and morals to manage the organisational functionalities. The projects are undertaken by concentrating on the basic needs of external and internal stakeholders. I had to pay attention on the specific project management activities depending on the essentialities presented by the internal stakeholders. As an outcome, the effective project management process will help in satisfying the external stakeholders. Meeting their expectation level will be counted as the succession of the project. Being a project manager, I have to pay attention towards such concerns in a specific way.
The final theory was Resource Dependency Theory. This theory initiates the idea about the external resources that have the significant influence on the organisational behavior. I can state that the procurement of the externally collected resources is necessary for the organisational management process. The information that I gathered from the different sources were quite helpful for me to understand the benefits of this project management studies. This theoretical evaluation was quite necessary for me to apply in the practical situations during the project development period.
In discussing the future of these practices, I can state that the project management tools are depending on the simple spreadsheets of the products to develop them in a sophisticated way. It reflects the web-based project management portals. One of the most obvious future trend of the project management software is the transformation of the information technologies into the web-based systems. I have found that most of the project management tools were only accessible through the browsers. The tools those were not accessible did not have the ability to move towards the specific direction.
The overall journey has built my capacity in a significant way. In certain point, I had to face the potential challenge in gathering the information about the theoretical perspectives. In this journey, I have faced many incidents that helped me in identifying my capabilities and weaknesses altogether. We all know that every organisation face the different types of problems and conflicts. Most of the problems are faced in developing the products or systems. At a certain point, I became confused whether I should expand my capacity or not. In fact, I have observed that there are the potential challenges faced in allocating the resources for the company. However, I received supports from management students to gather the theoretical knowledge regarding the project management process. Moreover, my colleagues and the senior management personnel also supported me to conduct this project management activity. However, I even got into some of the conflicts as well. However, this was the time when I recognize the self-potential.
In future, I need to be much focused on developing some of the efficient capabilities. I need to improve my knowledge in information technology, which is the integral part of the project management. The improvement of the IT based skills would be much effective for me to develop the product as per the expectation level. Furthermore, I need to pay the attention on the availability of the computers and sufficient resources. I need to list up the growth of data to derive the specific knowledge about the project management.
It is necessary for the future practitioners to gain the emotional maturity skills. I need to concentrate specifically on the cognitive skills that determine the ability to identify the emotional status of a person while interacting with others. When I shall speak to a person face to face or over the telephone, I need to listen and understand their emotional state of mind at the initial stage. After recognizing the emotional state of minds of the people, it is necessary for me to response to the emotions in a significant way. I need to evoke the emotions by concentrating on the situational needs. I understand that each of the team members has the different emotional state of mind. It is essential for us to recognize that emotional state of minds for organizing the functionalities. Recognizing such specific skills, I shall be able to develop myself as an efficient project manager for the future prospects. One thing that I needed to pay more concentration on was the right attitudes and beliefs. I had to adopt the proper styles and attitudes to guide the principles and control the project activities. I needed to be cautious about the changes in the priorities, project personnel, available resources, and other contingencies. The major focus was on the rules and regulations that I needed to follow while undertaking the project. Overcoming the challenges is my first priority. I shall keep my focus on the opportunities that I can avail in the future.
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