As a Bahrain-based bank, Bank Alkhair is subject to the corporate governance standards of the Central Bank of Bahrain (CBB) and the Bahrain Commercial Companies Law. In an effort to bring the corporate governance of Bahraini banks more into line with international corporate governance standards, the CBB has adopted a series of new corporate governance rules in recent years and recently enacted new corporate governance rules within the CBB rulebook (Higher Corporate Governance Module, or HC Module) to foster a culture of proactive boards of directors that are accountable and responsible for the affairs and performance of their banks.
Bank Alkhair has already instituted many of the new requirements and is undertaking a review of its polices to ensure full compliance with both the CBB standards and international best practice. Major actions taken by the Bank to date to ensure compliance with the CBB’s HB include a thorough review of the Bank’s Corporate Governance Charter and a detailed gap analysis of the status of the current Corporate Governance Charter in relation to the CBB’s new HC Module requirements, as well as the appointment of an external consultant to review and enhance the Bank’s Corporate Governance framework and oversee the implementation process.
The Board of Directors
The prime responsibility of the Board of Directors (the Board) is to provide effective governance over the Bank in exercising its fiduciary duty towards its shareholders, customers, employees and other stakeholders. Bank Alkhair is reviewing its Corporate Governance Charter and related policies to ensure that the Board follows the new CBB rules on Corporate Governance and practices the highest standards of ethical conduct, reports results with accuracy, transparency and integrity and maintains full compliance with all the laws, rules and regulations that govern the Bank’s business.
The Board is comprised of members from diverse backgrounds, who combine a broad spectrum of experience and expertise with a reputation for integrity and professionalism.