Corporate Responsibility And Corporate Governance, Middle East College, Gulf

BUSS1004 - Business Law

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Question 1: Critically discuss all the types of breach of contract that may happen and the remedies for breach of contract under Oman Commercial law.

Answer: As per Oman Commercial Law, section 26, the individual cannot engage in the commercial activity provided the individual has been held guilty and convicted for breaching of trust. As per Commercial Law, Article 112, breach of dispatch that is when vendors breaches and violates the instructions of purchaser related to a method of dispatch without providing any kind of justification then the vendor is liable for punishment if any kind of damage incurs on the item sold as a result of breaching of contract. As per Oman Commercial Law, Article 112, the entity is entitled to be punished if he enters into any kind of material breach that is supplying material that is different from what is mentioned in the contract. For example, in the case of Oman Construction Co. v. Tennessee Central Ry. Co.(2016), in which Tennessee charged Oman Construction to pay damages incurred for breaching of contract on terms of engineers of Tennessee did not deliver the design and material as specified by Oman construction for disposal and sewerage collection for the city. As per Oman Commercial Law, Article 130, breach of contract occurs when the purchases dispose of the item sold before paying all the installments until the vendor agrees in writing. The third party cannot be considered even if they were aware of the time of disposal and price not being paid in full. As per Oman Civil Transaction Law, Royal Decree 27/2013 contains provision related to termination and dissolution of contracts (Billah: 2016). As per Oman Civil Transaction Law, termination of contract refers to putting end to the obligations mentioned in the contract. As per Commercial Law, Article 145, actual breach takes place when it emerges that goods are not as per the content of the document.In the case of Oman Construction Co. v. Tennessee Central Ry. Co.(2016), Tennessee Construction alleged that plaintiffs indulged in actual breach of contract as they charged more amount than mentioned in the document. As per Commercial Law, Article 157, a business may suffer from a breach of the agreement that is charging amounts and delivering goods not mentioned in the agreement or are not up to the standards specified. As per Commercial Companies Law, a contract is formed between two or more persons. As per Commercial Companies Law, the most common form of business where breaching of contract takes place is Joint venture. As per Commercial Companies Law, a breaching of contract occurs when the value of the contract exceeds RO 2,50,000.As per Tender law, the remedies for breach of contract are reformation, money damages, arbitration, conciliation. As per Commercial law, arbitration is reaching a situation where both the parties have a win-win situation. As per this law, conciliation is agreeing to the mistakes done and addresses the problems faced properly.

Question 2: The law of contract outlines duties and obligations of the parties to a contract and eliminates ambiguity. Critically analyse this statement vis-à-vis the law of contract provisions quoting relevant Royal Decree.

Answer: As per Civil Transactions Law, Royal Decree 27/2013, contains provisions' related to terminations and dissolutions of contracts. As per Civil Transaction Law, Royal Decree 27/2013, article 99, states that contract between two parties is valid when both the parties have the boundation of not terminating the contract. As per the Civil Transaction Law, Article 100, a contract can come to an end through an assignment. Assignment of contract occurs when a party passes off obligations and advantages to another party. As per this law, assignment of contract refers to the termination of a contract. The different issues that arise as per Oman Commercial Law are the third party may be outrightly prohibited due to its obligations and rights. Another issue that arises that parties involved may refuse to provide and agree to consent. According to Law of Commerce, Royal decree 55 fo 1990, states that any agreement or contract through which the commercial organizations in Sultanate is entitled to promote and distribute goods or services of a foreign person in consideration to earn more profits and commission (Bix: 2017). For example, the contract can be applied best in the Government regulated transport organizations such as Salam Air where the law of contract is applied. Salam Air is partnered with various organizations such as with suppliers and contractors. As per the law of contract, the contract may be terminated I any kind of breaching of contracts such as anticipatory, material or minor takes place. In the case of Salam Air, the breaching of the contract took place when the suppliers did not supply the products as per the material and design mentioned in terms of contracts. The breaching of the contract affects both the parties as both buyer and sellers reputation is affected in the market. The Oman Labor Law also states that in any of breaching takes place such as breach of trust or breach of consent then employee or manager has the right to take up matters in the highest court. As per this law, the different areas of violation of contract are disclosing of company secrets or salaries not being paid as per the contract. The Contract law states that the remedies for breaching of a contract are reconciliation, arbitration, an agreement. The different types of contract are the anticipatory contract, material contract, actual and minor breach of contract. The major breach of contract is an anticipatory breach of contract that is parties may enter into the termination of the contract on different criteria such as not delivering items as per the contractor involving the third party in the contract. The anticipatory contract is a major breach of contract that involves termination or dissolution of the contract.

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Question 3: Oman is now diversifying its economy to prepare for life after oil under Tanfeeth Diversification Plan 2040. Critically analyse legal and Easy of Doing Business issues that need to be addressed by Oman so that Tanfeeth Diversification Plan can achieve its objectives and succeed in its diversification thrust, as Oman competes with other GCC countries for global investments funds. Explain the status of these issues in Oman and what is the way forward for excellence in Oman? An interview script must be attached at the end of the assignment with questions and answers. You should state who was interviewed and in what organization, and his/her designation or position.

Answer: As per Royal Decree 102, 1994 all business that needs to set up business in Oman need to comply with different foreign and investment laws. As per Commercial Company Law, the company needs to have a capital of at least OMR 1, 50,000. Moreover, as per Commercial Law, there are no restrictions doing business with foreign countries unless the company in internationally banned by UN Security Council. In addition, the other facilities provided are no currency regulations or exchange control due to which it becomes easy for a business to continue its operations. As opined by (Al-Wahaibi: 2018), the Tanfeeth Diversification Plan 2040 is the national programs that are commenced by Oman for economic diversification. This plan mainly brings together various ministers of different projects, presentation of the private sector and the undersecretaries. The goal is continuing to raise benchmarks for customers across various regions. This helps in providing management services and recruitment services for different business. The tanfeeth plan is the national initiative plan taken up by the Oman government in collaboration and coordination with the Malaysian Government for building the achievements of the previous and prior plans.

The major issues that exist in the achievement of the objective of Taneefth Plan are financial issues that are lack of funds and investments in this plan. In addition, the other issues are the custom issues that is custom duty charged is nearly 5% due to which high operational costs and customs duty can lead to a reduction in profit for the business. In addition, the other issue is red tape and bureaucratic issue that is excessive regulations and bureaucracy restricts the people of Oman to become independent financially. The cost of setting up a new business is another problem that is business requires nearly $11,250 to start a business thereby increasing the budget of the organization. The other problem is the increase in the risk of streamlining the processes. The GCC region during 2000-2017, earned nearly 80% of revenue and oil exports increased up to 65% and GDP is estimated to be nearly 42 %. Since 2000 GCC trade services grew at a rate of 7.5% compared to 4.8% globally and 3.8% in Oman (Marandi et al.: 2015). The GCC country is an important supplier of petrochemicals and minerals whereas Oman is considered as the largest supplier of gypsum. The tariff rate in Oman is estimated to be 25% whereas in other GCC countries like Kuwait are 4%. The tariff ranking of Oman is 60 in GCC countries as compared Qatar which occupies 55 the position and Saudi Arabia occupies 58th position in GCC countries. The infrastructure ranking in the GCC countries are Oman holds a 41st position, 36 positions by Saudi Arabia and 6 the position by UAE in GCC countries.For example, in order to better understand these issues an interview was conducted with the General Manager of Oman Air. The interview was held with an individual to better understand the issues and problems being faced by them such as customs duty, capital investment problem and others. Moreover, in this interview, the recommendations to solve these issues were taken an opinion on. [Refer to Appendix 1]

Question 4: Business ethics, corporate social responsibility and corporate governance create the human face of organisations. Critically explain these concepts and use an applied Oman company example to demonstrate good corporate governance.

Answer: Business Ethics: Business ethics is a study of moral principles and appropriate business practices and policies regarding various aspects such as corporate governance, insider trading, corporate social responsibility, and bribery. Business ethics is making correct decisions based on moral obligations The different principles of business ethics are integrity, honesty, abiding of law m fairness and loyalty. The different ethical principles of business ethics are autonomy, justice, nonmaleficence and beneficence. As explained by (Kumar and Shehryar: 2017), the business ethics also known as corporate ethics is a professional ethics that is applied and examines moral and ethical problems that can arise in a business atmosphere and environment. The features of business ethics are following a code of conduct, providing protection to groups and social workers, indulging in voluntary activities, providing guidance and education and make a contribution to society.

Corporate Social Responsibility: Corporate Social responsibility contributes to sustainable development that is the delivery of economic and social and environmental benefits of all the stakeholders. The basic principles of corporate governance are accountability, transparency, fairness, and responsibility (Pauceanu: 2016). Corporate social responsibility involves activities that help the organization in improving their reputation at the same time making a contribution to society.

Corporate Governance: Corporate governance refers to mechanisms, processes, and relations through which the corporation can be controlled and regulated. Corporate governance is a method in which the organizations are managed and directed. As explained by (Trevino and Nelson: 2016), The corporate governance purpose is facilitating the efficient, effective and careful management in order to deliver long term success of the organization. The different principles of corporate governance are transparency, accountability, fairness and accountability. In order to maintain corporate governance, the government came up with different laws such as Commercial Law and Royal Decree. As per Sultanate of Oman, the Corporate Governance includes Board of directors, the liability of Board of Directors, conflicts of interest and party transactions. As per CMA the organizations in order to ensure corporate governance it needs to be listed in the London Stock Exchange and Global Depository. As per CMA Code of Corporate Governance, the director can be considered as non-independent .provided he or she does not hold more than 10% shares of the company, hold the position of senior executive for two years or more The example of Oman organization where corporate governance is applied is BankMuscat where board of directors plays a critical role in Maintainance of corporate governance. The major principle of Bank Muscat to achieve corporate governance is the application of ethical values to continue their operations. The bank follows the rules laid out related to corporate Governance by Capital Market Authority and Central Bank of Oman. Bank Muscat has compiled all the rules and regulations issued by the CMA such as director cannot hold more than 10% of company shares and they are to hold any senior executive position in the organization for two years. In order to maintain corporate governance, the company came up with strict policies and regulations.

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Question 5: Pollution has made life dangerous, risky and a threat to the human race, hence tough government regulations and penalties for pollution. If unregulated society is unethical. Critically explain how and why the Oman Government is regulating:

(a) Marine pollution quoting relevant Royal Decree;

Answer: Marine Pollution 

As per Royal Decree 114/2001, Law of Conservation of environment and Prevention of Pollution states that the entities will be penalized for discharging effluents and releasing of environmental pollutants both inland as well as in maritime. Another legislation that is implemented by Oman is Royal Decree 29/2000 Law of water resource conservation helps in the development and conserving of water resources against depletion of water resources in the marine ecosystem. As per Royal DECREE 29/2000 Law of water resources conservation, the organizations are to be penalized if they discharge any kin for effluents and pollutants in water resources. These laws help in the protection and conservation of the ecosystem. Another law that Oman government came up with RD 34, 1974, The Marine Pollution Control Law which states that the organization needs to obtain a license in order to maintain the coastal ecosystem and drainage system.Moreover, the compensation needs to be paid if there is any kind of violation in the conservation of water and waste. These laws and legislation help in the conservation of water resources and the marine ecosystem in Oman.

(b) Air pollution quoting relevant Royal Decree; and finally

Answer: Air pollution

As per Royal Decree 114, Law on Conservation of Environment and Prevention of pollution the companies need to indulge in any kind activities that may result in releasing of harmful pollutants in the environment thereby causing environmental pollution. Another law that Oman government came up with is the Royal Decree 110, 2001, that came up with different regulations for controlling and management of ozone-depleting materials and substances in the air. This law help in protecting the environment from harmful air pollutants and release of ozone substances in the air (Unit: 2016).The different substances that affect the air quality are the particulate matters, carbon monoxide and sulphur dioxide. As per Royal Decree 56, 2002, there are some regulations that the business and corporations need to follow for management of hazardous waste. Moreover, other regulations are providing guidance for addressing climate changes and resources. Moreover, these laws also issue regulations related to Management of Climate Affairs. In addition, these laws also help in controlling the release of harmful chemicals in the air thereby causing harm to the environment. 

(c) Noise pollution quoting relevant Royal Decree.

Answer: Noise Pollution

As per Royal Decree 2008, the health and safety precautions such as providing ear pads. This is mainly done to avoid damage of hearing to workers. As per Commercial law, the industries and factories need to be constructed far from urban areas.Moreover, the industries should ensure that noise does not affect or cause any kind of harm to the people in residential areas. As per Commercial Law, noise pollution needs to be avoided in order to ensure that all the citizens are not affected or suffer a loss of hearing.Moreover, in addition, these laws help in identifying the different sources of noise pollution such as industrial plants and public works like assembling, repairing and dismantling.The other source of road traffics are the use of motor vehicles, motorways and local ways. As per environmental Law, the noise pollution needs can be avoided by ensuring that all the industries and factories are set up far away from the residential read. In addition, the other laws help in protecting loss of damage to hearing among people of Oman.

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