Corporate governance
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Policy

  • BALEXCO has always endeavoured to sustain and enhance share holder wealth by following the best corporate policies and practices
  • BALEXCO has and will always enforce the spirit of corporate governance outlined in the corporate governance code issued by the Government of Bahrain
  • BALEXCO displays in its website the financial statements as a testimony of its financial transparency besides a wealth of information related to its products and general information for public benefit
  • The Article of Association AOA includes provisions to ensure the rights of shareholders are protected
  • There is a clear cut responsibility and accountability across the management structure which is overseen by the Chief Executive Officer.

Business Plan 

  • The company formulates a detailed business plan document on a yearly basis which outlines the SWOT analysis, Strategic and operational objectives for the year and the financial budget.  The business plans are debated and finally approved by the Board before they implemented by the CEO.

Bahrinisation Policy

  • BALEXCO maintains a high level of Bahrinisation among its work force.

Board of Directors

  • The Board of Directors oversee the governance of he company and they are responsible for taking strategic initiatives to drive the company forward and ensure that the company is in compliance with the latest commercial laws enforced in the Kingdom by various govermental bodies.

Board Meetings

  • Regular Board Meetings are held as per agreed schedule and the agenda is circulated to the board well in advance before the Board Meetings.
  • The Board is informed of the updated position of the company from time to time by the Chief Executive Officer.
  • The Board generally formulates the strategies in such a way that there is a balance between the short term and long term objectives.
  • The Board approves the financial statements and recommends the dividend payments which is finally ratified in AGM's.
  • Currently the Board has 7 members and the Chairmanship is held by Mr. Hisham Al Rayes representing the major share holder.

Executive Committee

  • The Executive Committee is mandated to review the points of reference outlined in the discussion documents prepared by the Chief Executive Officer and to make recommendations to the Board of Directors prior to the Board Meeting.
  • Currently there are three members.

Audit Committee

  • The committee is set up to review the internal and external audit reports and to ensure compliance with all relevant laws and regulations of the Kingdom.  The audit committee meets according to a preagreed schedule and it reports to the Board of Directors.
  • The Audit Committee approves the internal audit charter and reviews the risk profile of the company from time to time.
  • Currently there are three members in the committee.

Board Secretary

  • BALEXCO has assigned a board secretary to ensure that all meeting minutes are maintained and all decisions taken by the committee and the Board are documented.

CSR Policy

  • BALEXCO's CSR policy originates from the realization that it is a responsible member in the society in which it operates.
  • BALEXCO supports various social activities and social associations from time to time, allocates financial contribution from the profit it generates.

Employee Benefit Fund

  • Dividends on employees shares are transferred to this fund and the fund is operated in line with the charter drawn up for the conduct of this fund.
  • Generally it is used for employee welfare activities.