corporate governance

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  • This Statutory Corporate Governance Report covers the period 1 January 2024 to 31 December 2024 and is prepared pursuant to the Kingdom of Bahrain’s Corporate Governance Code 2022 [resolution no. (19) of 2018 and resolution no. (91) of 2022] and the Central Bank of Bahrain (CBB) Module.
  • The Corporate Governance Report of Aluminium Bahrain B.S.C. (Alba) is an integral part of the Management’s review as included in the Annual Report for 2024. The Corporate Governance Report for 2024 and for prior years can be accessed by visiting Alba website at Corporate Governance | Kingdom of Bahrain (albasmelter.com).
  • Description of Actions Taken to Comply with the Corporate Governance Code As a Bahrain-based public joint-stock company, Alba prioritises robust corporate governance by adhering to multiple governance frameworks to include:
    • Bahrain Commercial Companies’ Law: Serving as the foundation for all our corporate governance practices.
    • The Ministry of Industry and Commerce (MOIC’s) Corporate Governance Code of 2022: Providing a comprehensive set of guiding principles for responsible business conduct.
    • The Central Bank of Bahrain Volume 6 – Capital Markets High Level Controls: Ensuring operational efficiency and safeguarding shareholder interests.
  • The Board of Directors diligently ensures compliance with the MOIC’s Corporate Governance Code through regular review of the Company’s governance policies and practices to ensure they remain aligned with local regulations while the Management is constantly striving to improve, implement initiatives that bolster Alba’s governance framework and align with best practices.
  • During the Annual General Meeting (AGM) in 2024, the Company’s shareholders approved the amendments and restatement of the Memorandum and Articles of Association in accordance with Legislative decrees no. (3) of the year 2022, no. (20), (63), and (64) of the year 2021, and no. (28) of the year 2020 and subject to the approval of regulatory authorities.
  • The Board of Directors has also endorsed the changes made to the Company’s Memorandum and Articles of Association which will be then tabled for the shareholders’ approvals at the AGM on 12 or 13 March 2025.