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Status of Compliance with Guidelines

The CBB Rulebook requirements in the High-Level Controls (HC) Module specify that the Company must comply with the Guidelines of the HC Module, or explain its non-compliance in the Annual Report. As part of its commitment to adherence with the CBB regulations, the Company wishes to explain the following:

  • Due to the current structure of the Board, there is an absence of a majority of independent directors in the audit committee. However, the committee members have financial literacy and technology background.
  • The Board of Directors is comprised of nine directors (3 appointed by major shareholders, 3 elected by the remaining shareholders, and 2 independent directors and 1 director from CBB as an observer) which is more than the maximum number of directors (5) as per CBB rulebook and this is due to the business nature of the Company and as advised by the Central Bank of Bahrain.