Shareholding

The Company is owned by major shareholders details are given below



    Number shareholding
      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

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.

Corporate strategies and objectives

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:

  • 1. Provision of services which meet customer expectations;
  • 2. Establishment of state of the art technology;
  • 3. Introduction of value added services wherever possible;
  • 4. Continuous strive for improvement in service levels;
  • 5. Development of HR capabilities through training and planning;
  • 6. Optimize shareholder wealth through growth in premiums, maximizing returns on investments and strict control over claims and costs;
  • 7. Continuous search for new opportunities for diversification; and
  • 8. Develop investment policies

Risk management strategies and policies

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.

Board of Directors

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.

Corporate Governance

The functions of the Board include, but not limited to, the following:

  • 1. Review and approval of the Company's business performance for the year
  • including the overall strategies, budgets and business plans for the subsequent years;
  • 2. Monitor, on an on-going basis, the operational performance of the Company;
  • 3. Monitor the risks face by the Company and assess measures to address those risks in respect of the risk management framework;
  • 4. Ensure overall compliance of the Company to legal and statutory requirements;
  • 5. Ensure the accuracy of the financial position of the Company;
  • 6. Monitor and evaluate the performance of the management; and
  • 7. Review, on regular basis, the remuneration packages of senior management.

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

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Registered office

2nd Floor,
Car Parks & Commercial Centre
Government Avenue
PO Box 5298
Manama
Kingdom of Bahrain