Manama:  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.

–Ends– 

About BBBF:

The BBBF was set up in 1995 and has grown to over 470 members today. It aims to promote trade and investment between Bahrain and Britain in a non-discriminatory, non-political and non-profit making manner. The BBBF is widely recognized in Bahrain and the UK as a leading impartial business sector group. The Forum works to create and sustain a favourable business environment. The BBBF strives to assist and introduce new trade and investment to both countries to benefit and enhance the common economic interests of our member companies.

BBBF’s nine Special Interest Groups (SIGs) cover hospitality, construction, banking & financial services, ICT and legal sectors; oil, gas & energy, as well as organisational effectiveness, women in business, and young professionals, providing members and guests a valued medium for exchanging industry specific ideas and discussing issues relevant to a particular sector.  

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