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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > High Level Standards > HC High-Level Controls Module > HC-1 The Board > HC-1.9 Committees of the Board > HC-1.9.2
  • HC-1.9 Committees of the Board

    • HC-1.9.1

      The Board must create specialised committees when and as such committees are needed. In addition to the Audit Committee described elsewhere in this Module, these may include an Executive Committee to review and make recommendations to the whole Board on company actions, or a Risk Committee to identify and minimise specific risks of the investment firm licensee'sG business.

      January 2011

    • HC-1.9.2

      The Board should establish a corporate governance committee of at least three independent members which should be responsible for developing and recommending changes from time to time in the investment firm licensee'sG corporate governance policy framework.

      Amended: January 2012
      January 2011

    • HC-1.9.3

      The Board or a committee may invite non-directors to participate in, but not vote at committee meetings so that the committee may gain the benefit of their advice and expertise in financial or other areas.

      January 2011

    • HC-1.9.4

      Committees must act only within their mandates and therefore the Board must not allow any committee to dominate or effectively replace the whole Board in its decision-making responsibility.

      January 2011

    • HC-1.9.5

      Committees may be combined provided that no conflict of interest might arise between the duties of such committees.

      Amended: July 2012
      January 2011

    • HC-1.9.6

      Every committee should have a formal written charter similar in form to the model charter which is set forth in Appendix A of this Module for the Audit Committee.

      January 2011

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