Every conventional bank licensee is expected to comply with rules and guidance mentioned in High Level Control Module issued by CBB under Rulebook Volume 1. Any non-compliance with the HC Module needs to be explained by disclosure in the annual report to shareholders and the CBB.
SICO is in compliance with HC Module except for the following:
As per HC 1.4.6 & 1.4.8, the Chairman of the Board of Directors should be an independent and non executive director. SICO’s Chairman, Shaikh Abdulla bin Khalifa Al Khalifa is considered as non independent & executive director as he is representative of the major shareholder of SICO. SICO obtained exemption from CBB for complying with the above mentioned requirement.