More oversight needed in Westminster, says head of standards watchdog
April 17, 2021, 9:44 am

More oversight needed in Westminster, says head of standards watchdog

The comments from Lord Evans follow controversies concerning ministers’ involvement with lobbyists and the links between government figures and the Greensill Capital finance group.

Lord Evans calls for more powers to scrutinise ministerial interests after Greensill lobbying revelations Westminster

The head of the watchdog monitoring standards for holders of public office has called for increased oversight of ministerial interests.

The comments from Lord Evans follow controversies concerning ministers’ involvement with lobbyists and the links between government figures and the Greensill Capital finance group.

Speaking on BBC Radio 4’s The Week in Westminster, Evans said present oversight standards required improvements, including the fact the prime minister’s independent adviser on ministerial interests – a post that has been vacant since November – does not have the power to start investigations.

“At the moment they have to wait to be asked and that means the perception might be this is not as independent a role as it might be,” he said.

“I think there’s an opportunity there to modernise this role and to ensure that they are able to allay public concerns as they arise.”

Evans told Radio 4 he would write to Boris Johnson to recommend more powers be given to the independent adviser on ministerial interests.

The former cabinet secretary Richard Wilson joined calls for a tightening up on lobbying and agreed the independent adviser “should be given the power to initiate investigations”. Westminster

In a letter to the Times, Lord Wilson, who was cabinet secretary from 1998 to 2002, said that while lobbying was “an inevitable part of public life”, there had to be “no hint of corruption, no suggestion of cosy deals without due process, no suspicion of ‘old boy’ networks”.

“Although it is difficult to legislate for morality, the Greensill and other affairs now emerging certainly suggest a need to toughen our safeguards. Greater openness is important,” Wilson wrote.

He added he would “ban any former minister or senior official from lobbying government on behalf of any business that was paying them in whatever capacity”.

Links between ministers, officials and businesses are under intense scrutiny after the collapse of Greensill in March and revelations about the former prime minister David Cameron’s lobbying activities for the firm.

Labour has also levelled accusations of “cronyism” within the government, raising concerns about procurement during the pandemic while also calling for a full inquiry into the Greensill saga.

The post of the prime minister’s independent adviser on ministerial interests has been empty since November when Sir Alex Allan resigned after Boris Johnson stood by Priti Patel in a bullying row surrounding the home secretary.

A report authored by Allan had found her conduct “amounted to behaviour that can be described as bullying”. Westminster

source: Jo Hale

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.