New Bahrain Corporate Governance Code discussed at BBBF Legal SIG meeting
Newton Legal Group, head of the legal special interest group (SIG) of the Bahrain British Business Forum (BBBF), this morning presented at the Capital Club the recent changes to the Corporate Governance Code (Code) which came into effect in October 2018 and which obliges all Bahrain shareholding companies to comply with it.
Nicholas Williams, Partner at Newton Legal Group, gave an introductory statement on the Code and was followed by a presentation conducted by leading legal practitioners Ali Al Alawi (Head of Corporate Governance at the Ministry of Industry, Commerce and Tourism (MOICT)), Aamal Al Abbasi (Managing Partner at Newton Legal Group) and Sumana Abdulkarim (Senior Associate at Newton Legal Group). Senior management representatives from businesses that operate closed or public shareholding companies in Bahrain attended the event.
Mr Al Alawi outlined the steps taken by the MOICT to prepare the Code and also explained what is new in this version of the Code, which requires, amongst other things, that all Bahrain shareholding companies, whether closed or public, apply the Code.
Newton Legal Group’s Aamal Al Abbasi and Sumana Abdulkarim touched upon the 11 principles of the new Code, focussing on the practical steps to be taken by companies caught by the Code to ensure compliance with the same, such as the appointment of a Corporate Governance Officer and submission of the Annual Governance Report.
Questions about the implications of the new Code were put to the speakers who described the common themes to the changes.
Newton Legal Group have been advising clients who never applied the Code on the practical steps to implement the same; and clients who have been applying the 2011 version of the code, on the changes that need to be made in order to comply with the 2018 Code.