As a Bahrain-based Company, Batelco is subject to the corporate governance standards of the Central Bank of Bahrain (CBB) and the Bahrain Commercial Companies Law; and in line with the Corporate Governance Code 2018 of the Ministry and Industry, Commerce and Tourism. Batelco aspires to the highest standards of ethical conduct based on sound corporate governance. In accordance with its commitment to both meeting legal and regulatory requirements and adhering to international best practices, Batelco has put in place a comprehensive Corporate Governance framework to maximize operational efficiency and protect shareholders’ rights. Batelco regards the guiding principles of its Corporate Governance framework to be fairness, transparency, accountability and responsibility.
Batelco’ s corporate governance practices have been structured around the following ten principles:
- The Company shall be headed by an effective, qualified and expert Board
- The Directors and Executive Management shall have full loyalty to the Company
- The Board shall have rigorous controls for financial audit and reporting, internal control, and compliance with law
- The Company shall have effective procedures for appointment, training and evaluation of the Directors
- The Company shall remunerate directors fairly and responsibly
- The board shall establish a clear and efficient management structure with defined job titles, powers, roles and responsibilities.
- The Company shall communicate with shareholders, encourage their participation, and respect their rights
- The Company shall disclose its corporate governance.
- The Board shall ensure the integrity of the financial statements submitted to shareholders by appointing External Auditors.
- The Company shall seek through social responsibility to exercise its role as a good citizen.
While placing the paramount importance to the code, the board has ensured that the governance framework adopted and implemented across all levels of the organization, exhibits the principles of fair dealings, honesty, environment of effective oversight and strong accountability.