Gulf One Investment Bank B.S.C.(c),(Gulf One), is committed to the highest standards of governance based on embedding the values and behaviours required to ensure transparency, fair dealing and to protect stakeholder interests.
Good corporate governance is not only fundamentally sound for how we manage our business but also assists the bank in building long term, sustainable performance as it is being driven by demands from both, the market and the international banking regulators.
The Bank’s corporate governance philosophy and approach should be read in conjunction with the discipline, tools and exposures outlined in its Risk Management disclosures.
Framework and Approach to Corporate Governance
Our approach to corporate governance is based on a set of values and behaviours that underpin everyday activities, ensure transparency and fair dealing, and protect stakeholder interests. This approach includes a commitment to the highest standards of governance, which our Board sees as fundamental to the sustainability of our business and performance. In pursuing this commitment, the Board monitors local and global developments in corporate governance and their implications for the Bank.
Corporate governance is the system by which the Bank is directed and managed. It influences how the objectives of the Bank are set and achieved, how risk is monitored and assessed, and how performance is optimised. Good corporate governance structures encourage the Bank to create value (through entrepreneurism, innovation, development and exploration) and provide accountability, transparency and control systems commensurate with the risks involved. Good governance is essential for building and maintaining long term survival and success, so directors have a continuing obligation to ensure that not only do they themselves understand and practice it, but that our managers are properly trained in its principles and practical application. The corporate governance framework of Gulf One enshrines the concepts of good governance as required by the Central Bank of Bahrain and is consistent with international best practices.
The Board Charter serves as a reference point for Board activities and like best practice, develops as the organisation grows with market and regulatory requirements. In addition to the roles and responsibilities, the Board Charter and Board Sub Committee Charters, define the ethical standard for business practices that are to be followed by each Board member. During re-elections of directors as well as periodically, compliance with these standards is assessed by the Board as a whole.
Bahrain Corporate Governance Standards
In line with international best practice and governance standards, the Central Bank of Bahrain (CBB) has undertaken a review of its corporate governance standards and has issued a series of additional corporate governance rules and guidelines which have been implemented. These enhancements are in line with developments in other countries including the UK and the US.
The overall objective of the enhancement of the corporate governance framework is to foster a culture within Bahrain banks, of proactive boards and senior managers who are accountable and responsible for the affairs and performance of their banks.
Included among these corporate governance rules are:
• boards of banks must periodically assess their composition and size and, where appropriate, reconstitute themselves by selecting new directors to replace long-standing directors;
• no board member may hold more than one directorship of Bahrain bank licensees within the same license category;
• boards must identify their members in the annual report as executive, non-executive and independent non-executive and outline in the annual report their criteria and materiality thresholds for the definition of ‘independence’;
• independent non-executive directors are permitted to meet periodically without executive management present; and
• formal letters of appointment are issued to both senior management and board members, outlining their specific responsibilities and accountabilities.
The Central Bank of Bahrain and the Bahrain Ministry of Industry and Commerce require compliance with a new Corporate Governance Code (the ‘Governance Code’), which, among other things, requires the Board of Directors to:
• adopt written corporate governance guidelines covering the matters in the Governance Code and any other matters deemed appropriate by the Board of Directors; and
• report at each annual shareholders meeting on compliance with the corporate governance guidelines and the Governance Code and explain the extent to which, if applicable, it has varied them or believes that any variance or noncompliance was justified.
We are pleased to advise that Gulf One Investment Bank B. S. C. © is in compliance with CBB rules and we comply with the Governance Code.
Disclosure and Communications Policy
The Directors and management of the Bank are committed to promoting consistent disclosure practices aimed at accurate, timely and broadly disseminated disclosure of material information about the Bank to the shareholders and the market as required by jurisdictional regulation. The Bank makes available on its website, the quarterly and annual financial reports, as well as printed annual reports to shareholders. This is defined by the Bank’s Corporate Communication Policy and the Group Disclosure and External Communication Policies, in addition to the Central Bank of Bahrain’s, Pillar 3 disclosure requirements and that of the Public Disclosure Module outlined in the CBB’s Rulebook.
Gulf One Investment Bank - Privacy Notice
Gulf One Investment Bank Commitment to its Customers*
This Privacy Notice is issued by Gulf One Investment Bank BSC (c) and its subsidiaries (collectively “Gulf One”, “we” or “us”). Gulf One respects your right to privacy. Accordingly, we will protect and process your personal data in accordance with the requirements of the Central Bank of Bahrain and other applicable privacy laws. If applicable to you, the Bank complies with the European Union’s General Data Protection Regulation (GDPR).
This Privacy Notice provides information about how the Bank may collect, use, process and store your personal data, and explains your data-related rights. More detailed information regarding Gulf One’s privacy commitments may be obtained by contacting email@example.com.
1.What kind of personal data do we collect?
Personal data means any information relating to a natural person. Gulf One processes the following types of personal data:
- name, address, email address, telephone number and other contact information;
- date and place of birth;
- employment details;
- marital status;
- copies of identity documents (passport, national ID card, driver’s license, employee identification numbers);
- sources of wealth;
- utility bill, bank statement;
- tax residency.
Please note that this list is not exhaustive and that Gulf One may also collect and process personal data to the extent this is useful or necessary for the provision of our services, and to comply with regulatory requirements.
Personal data may be retained by Gulf One for the duration of a customer’s investment period and beyond, in accordance with Gulf One’s legal and regulatory obligations, including but not limited to Gulf One’s record retention policy.
2.GDPR Customer* Rights
The General Data Protection Regulation (“GDPR”) (Regulation (EU) 2016/679) provides certain rights in favor of EU-domiciled data subjects. The rights in question are as follows (the “Data Subject Rights”):
- the right of a data subject to be informed about what personal data is being processed;
- the right of access to personal data;
- the right to amend and rectify any inaccuracies in personal data;
- the right to erase personal data (right to be forgotten) under certain circumstances;
- the right of data portability;
- the right to restrict processing under certain circumstances;
- the right to object to Processing under certain circumstances;
- the right to object to automated decision making, including profiling.
These Data Subject Rights will be exercisable by EU-domiciled data subjects (subject to limitations as provided for in relevant data protection law). In certain circumstances it may not be feasible for Gulf One to discharge these rights, for example because of the nature of the relationship between Gulf One and the customer, or limitations or restrictions defined by jurisdictional laws and regulations. Data subjects may make a request to Gulf One to exercise any of the Data Subject Rights by contacting firstname.lastname@example.org. Requests shall be dealt with in accordance with relevant jurisdictional laws, regulations and data protection laws.
Gulf One is a data controller within the meaning of the GDPR and undertakes to hold any personal data provided by customers in confidence and in accordance with relevant data protection legislation.
For queries, requests, or comments in respect of this notice or the way in which Gulf One uses customers’ personal data, please contact email@example.com. Customers may have the right to lodge a complaint with the local data protection regulator in their country of residence if they are dissatisfied with the manner in which their personal data is used by Gulf One.
3.Changes to this notice
Gulf One may update this Privacy Notice from time to time. We advise you to periodically review this Privacy Notice to be informed of how Gulf One is protecting your privacy.
4.Contact Gulf One’s Data Officer
If you have any questions, concerns or complaints with respect to this Privacy Notice or the way Gulf One is handling your privacy, or if you wish to exercise any of your rights, please contact Gulf One’s responsible officer at firstname.lastname@example.org.
* For the purposes of this notice, the term “customer” or “customers” includes individuals who have or had investments with Gulf One, and individuals who have provided non-public personal data to Gulf One but have not invested with Gulf One.