Mumtalakat, as the investment arm of the Kingdom of Bahrain, operates, and expects its portfolio companies to operate, in compliance with the Bahrain Code of Corporate Governance (the “Code”). The Code was promulgated in 2010 after several years of study involving a National Steering Committee on Corporate Governance, which consisted of experts from the government, academia, the banking and accounting sectors, other members of the business community in Bahrain, and international advisers.
 
A principal purpose of the Code is to define the relationship between the board of directors, the managers, and the shareholders of a company to ensure transparency, accountability, fairness and responsibility in firms of all sizes. Although the Code currently applies to listed companies, Mumtalakat expects its portfolio companies, whether listed or unlisted, to operate in compliance with the Code.
 
Corporate Governance Code, Kingdom of Bahrain
 
Mumtalakat is subject to regular audits of its operations from Ernst & Young, its external auditor, KPMG, its internal auditor, and the National Audit Court of the Kingdom of Bahrain.