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  • HC-3.8 HC-3.8 Corporate Governance Committee

    • HC-3.8.1

      The Bahraini Islamic bank licensee must assign to one of its senior management the role of a corporate governance officer who is responsible for the tasks of verifying the bank's compliance with corporate governance rules and regulations.

      Added: April 2023

    • HC-3.8.2

      The Board should establish a corporate governance committee for developing and recommending changes from time to time in the Islamic bank licensee’s corporate governance policy framework. Such committee should have at least three directors of which the majority should be independent.

      Added: April 2023

    • HC-3.8.3

      The corporate governance committee should:

      (a) Oversee and monitor the implementation of the governance policy framework by working with the management and the Audit Committee; and
      (b) Provide the Board of directors with reports and recommendations based on its findings in the exercise of its functions.
      Added: April 2023

    • HC-3.8.4

      The responsibilities of the corporate governance officer may be assumed by the head of compliance and should include, at minimum:

      (a) Coordinating and following up on the licensee’s compliance with corporate governance requirements;
      (b) Ensuring that the corporate governance policies, their implementation and related internal controls are consistent with the regulatory and legal requirements;
      (c) Working closely with the Board and/or the relevant Board committee to improve the governance framework of the licensee; and
      (d) Reviewing the annual corporate governance disclosure to ensure that its contents are in conformity with the licensee’s internal policies and the CBB rulebook requirements.
      Added: April 2023