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KHCB holds a workshop on Corporate Governance

Khaleeji Commercial Bank B.S.C. has held a workshop on corporate governance in Bahrain in co-operation with Ernest & Young Company as part of its efforts to keep abreast with the changes taking place in the financial and banking sector and develop transparency and disclosure standards. The workshop was attended by members of the Board of Directors and a number of the Bank’s senior staff members.

The workshop dealt with a number of issues related to corporate governance, mainly the role of the Board of Directors and its structure and the Board’s efficiency in improving corporate governance practices and enhancing transparency in the Bank’s activities. This workshop is being held to increase the Bank’s commitment to adopting Bahrain’s Corporate Governance Code launched by the Ministry of Industry and Commerce for the first time on 16th March this year which will become mandatory by next year. The workshop also dealt with an educational aspect for the Members of the Board of Director and the Bank’s senior management in respect of the new requirements of the Central Bank of Bahrain (CBB) for corporate governance and control of the performance of the Board of the Directors. The workshop focussed on the importance of compliance with corporate governance standards of the Bank’s Board of the Directors as a shareholding company listed on the Bahrain Stock exchange (BSE). The workshop also stressed the role of corporate governance in enhancing the growth and sustainability of Islamic financial institutions on the long run.

Commenting on this event, Dr. Fuad Abdullah Al Omar, Chairman of the Board of Directors of Khaleeji Commercial Bank said: “This workshop is within the framework of our deep conviction of the importance of corporate governance, because the Bank, since its inception, has adopted a number of initiatives and measures for corporate governance and good governance by establishing a comprehensive framework for governance at the Bank approved by the (CBB), in addition to laying down a number of internal polices to govern the Board of Directors’ activities, such as the conflict of interest and disclosure polices.”

For his part, Mr. Ebrahim H. Ebrahim, CEO and Board Member said: “For us at Khaleeji Commercial Bank, as a leading Islamic financial institution, corporate governance forms an integrant part for our executive work, specifically as regards the Executive Management’s relationship with shareholders, the Board of the Directors, Shari’a Supervisory Boards (SSB’s) and regulatory authorities. This workshop is within the framework of achieving the Bank’s goals represented in increasing performance and enhancing corporate governance in it. We highly appreciate the efforts made by the regulatory authorities in the Kingdom, mainly the (CBB), the Ministry of Industry & Commerce and the (BSE) in their keenness to formulate corporate governance standards in order to improve transparency, disclosure and risk management as well as contributing to the achievement of economic of stability at prosperity in the Kingdom.”