The Company is owned by major shareholders details are given below
|Nationality of shares interest|
|Social Insurance Organisation||Bahraini||37,033,490||52.67%|
|Kuwait Commercial Real Estate Centre||Kuwaiti||15,000,000||21.33%|
Corporate Governance is about promoting corporate fairness, transparency and accountability. It is a continual process which aims at transforming corporations into more democratic entities with a view to enhance responsible corporate management geared towards long term value creation. Bahrain Car Parks Company BSC is committed to continuously review and enhance its corporate governance policies.
The corporate strategy for the Company flows from the Charter of the Company's Articles and Memorandum of Association which states the purpose of the Company's establishment Thus, the overall corporate strategy as envisaged by the Board of Directors can be summed up as follows: "To Develop safe, best and easily accessible parking facilities for the customers in Bahrain cities"
The foregoing overall corporate strategy can be achieved through:
Risk management is essentially about identifying, monitoring and controlling all material risks that the organisation may be subjected to. The main types of risks faced by the Company are credit, liquidity, market, technical and operational including outsourcing risks. A detailed Risk Management Manual has also been developed.
The Company identifies, assesses, monitors, controls and manages the various risks on an on-going basis and has established systems, procedures and controls as are appropriate and commensurate to the nature, scale and complexity of its business operations. There are clearly defined underwriting and claims processes with appropriate authority limits and operational practices which are in line with market standards. The investment risks are clearly formulated and documented in an Investment Policy Manual which has been thoroughly revised and approved by the Board. The Executive Committee continuously monitors the investment portfolio and the risks involved and take proactive measures to mitigate the risks.
Internal control risks are controlled by having effective and adequate internal control systems in place which are tested on a regular basis. The Executive committee is charged with the responsibility of ensuring that adequate internal controls are in place to mitigate any existing or potential risks.
The members of the Board of Directors are appointed or elected by the shareholders and each Director has a term of 3 years, renewable, thereafter, by re-appointment. The term of the current members of the Board of Directors will expire after three years.New members to the Board are inducted during the first Board meeting during which time, a brief about the Company and its operations are presented.
The functions of the Board include, but not limited to, the following:
During the year_Mr.Mahmood Mahmood Husain was nominated as the Chairman of the Company and Mr.Ismail A.Naby Al-Marhoon was nominated as the Vice Chairman