CBB Volume 5: Contents

Central Bank of Bahrain Volume 5—Specialised Licensees
Specific Modules (By Type of Licensee)
Type 3: Financing Companies
Part A
High Level Standards
HC Financing Companies High-level Controls Module
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HC-2.2.5

The Central Bank expects that the Board and its members individually and collectively:

(a) Act with honesty, integrity and in good faith, with due diligence and care, with a view to the best interest of the licenseeG and its shareholders and other stakeholders (see Paragraphs HC-2.2.2 to HC-2.2.4);
(b) Act within the scope of their responsibilities (which should be clearly defined — see HC-1.2.9 and HC-1.2.11 and not participate in the day-to-day management of the licenseeG ;
(c) Have a proper understanding of, and competence to deal with the affairs and products of the licenseeG and devote sufficient time to their responsibilities; and
(d) To independently assess and question the policies, processes and procedures of the licenseeG , with the intent to identify and initiate management action on issues requiring improvement. (i.e. to act as checks and balances on management).
January 2013
 Versions
(1 Version)
 
Jan 1 2013 onwards
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