Central Bank of Bahrain - Rulebooks & Regulatory Update

CBB Volume 2: Contents

Central Bank of Bahrain Volume 2—Islamic Banks

High Level Standards

LR Licensing Requirements

PB Principles of Business

HC High-Level Controls

HC-A Introduction

HC-B Scope of Application

HC-2 Approved Persons Loyalty

HC-3 Audit Committee and Financial Statements Certification

HC-4 Appointment, Training and Evaluation of the Board

HC-5 Remuneration of Approved Persons and Material Risk-Takers

HC-5.1 Principle

HC-5.2 Role of the Board of Directors and Remuneration Committee

HC-5.2.1

HC-5.3 Remuneration Committee Charter

HC-5.4 Standard for all Remuneration

HC-5.5 Board of Directors' Remuneration

HC-5.6 [This Section was deleted and is replaced with requirements contained under Section HC-5.4]

HC-6 Management Structure

HC-7 Communication between Board and Shareholders

HC-8 Corporate Governance Disclosure

HC-9 The Principles of Islamic Shari'a

Appendix A Audit Committee

Appendix B Nominating Committee

Appendix C Remuneration Committee

AU Auditors and Accounting Standards

GR General Requirements

SG Shari'a Governance

Business Standards

Reporting Requirements

Enforcement & Redress

Quarterly Updates

Ad-hoc Communications

Archived Part A

Archived Part B

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Location: Central Bank of Bahrain Volume 2—Islamic Banks > Part A > High Level Standards > HC High-Level Controls > HC-5 Remuneration of Approved Persons and Material Risk-Takers > HC-5.2 Role of the Board of Directors and Remuneration Committee > HC-5.2.1

HC-5.2.1

The Board must establish a remuneration committee of at least three directors which must:

(a) Review the Islamic bank licensee's^G remuneration^G policies for the approved persons^G and material risk-takers^G , which must be approved by the shareholders and be consistent with the corporate values and strategy of the bank;

(b) Approve the remuneration^G package and amounts for each approved person^G and material risk-taker^G , as well as the total variable remuneration to be distributed, taking account of total remuneration^G including salaries, fees, expenses, bonuses and other employee benefits;

(c) Approve, monitor and review the remuneration system to ensure the system operates as intended; and

(d) Recommend Board member remuneration based on their attendance and performance and in compliance with Article 188 of the Company Law.

Amended: January 2017
Amended: July 2014
Amended: January 2014
October 2010

Versions
(4 Versions)

Oct 1 2010 - Dec 31 2013 Jan 1 2014 - Jun 30 2014 Jul 1 2014 - Dec 31 2016

Jan 1 2017 onwards

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