International Maritime College Oman LLC (IMCO) was established on 24 April 2005. IMCO is owned by the Government of Oman (70 per cent) and the STC Holding Group B.V., Rotterdam, the Netherlands (30 per cent). The Government of Oman is represented by the Ministry of Higher Education and The STC Holding Group B.V. is represented by one or two members of the Board of Directors of The STC Holding Group B.V. The Shareholders agreement of 24 April 2005 is the leading governance document. Other important document is the Policy Manual of 2009.
As per the Shareholders Agreement IMCO will have a Board of Directors consisting of seven directors; five of them are nominated by the Government of Oman and two from STC Holding Group B.V. The Chairman is nominated by the Government of Oman. The Directors nominated by the Government of Oman represent the following bodies:
- Ministry of Higher Education.
- Ministry of Transport and Communication.
- Ministry of Manpower.
- Ministry of Finance.
The two shareholders shall nominate and replace from time to time, on written notice to the company, the Chairman of the Board of Directors and the other Directors as per The Shareholders Agreement.
The Chairman of the Board of Trustees will attend the Board of Directors meeting as a non-executive Directors (observer/ advisor).