In recent years, there has been an increasing global trend and need towards improved corporate governance practices, accountability and responsibility. Corporate governance is about commitment to values and about ethical business conduct. It is about how an organisation is managed. This includes its corporate and other structures, its culture, policies and the manner in which it deals with various stakeholders. Corporate governance is primarily the responsibility of the Board as a group. The Board performs its duties with the support of managerial staff.
BMMI's corporate governance framework comprises a code of business conduct; operational policies and procedures; internal controls and risk management systems; internal and external audit and compliance procedures; effective communications and transparent disclosure; and measurement and accountability.
Code of conduct
To protect the Group's reputation, BMMI has developed a Code of Business Conduct that sets out the behaviour that is expected from directors, management and staff. The Code is available in both printed and electronic format. Together with the Code is a Whistleblower Policy which enables employees at all levels to voice complaints or suspicions of illegal, unethical or other inappropriate activities or any type of misconduct by directors, managers or other employees, without fear of punishment or retaliation of any kind.
The Board of Directors is accountable to the shareholders for the creation and delivery of strong sustainable financial performance and long-term shareholder value. The Chairman is responsible for leading the Board, ensuring its effectiveness, monitoring the performance of the Management Team, and maintaining a dialogue with the Group's shareholders. The Board has appointed three Committees to assist it in carrying out its responsibilities: Executive Committee, Audit Committee and Investment Committee. The Internal Audit function reports directly to the Board through the Audit Committee.
As a listed company, BMMI has in place comprehensive policies and procedures to ensure full compliance with the relevant rules and regulations of Central Bank of Bahrain and the Bahrain Bourse. Compliance with insider trading and other related requirements is handled by the Group's Compliance Team, with ultimate responsibility residing in the Audit Committee.
BMMI conduct all communications with its stakeholders in a professional, honest, transparent, understandable, accurate and timely manner. Main communications channels include annual and interim reports and accounts, corporate brochure, staff newsletter, and regular announcements in the appropriate local press.
To download detailed PDF files outlining each of the key areas of BMMI's Corporate Governance, please click on the links below.
Corporate Governance Statement Purchase Order Terms & Conditions
Purchase Order Terms & Conditions Code of Business Conduct
Code of Business Conduct Whistleblower Policy