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The Commonwealth faces an uncertain future under King Charles III

The death of Queen Elizabeth II, and the accession of her eldest son, King Charles III, has already had far-reaching political and historical repercussions, not least on the future of the Commonwealth – mostly the former British Empire – as well as the fate of the United Kingdom. The new king demonstratively visited all the devolved governments of Scotland, Wales, and Northern Ireland in the week after his “darling mama’s” passing.
The leaders of the 54 countries that make up the Commonwealth of Nations (its official name) are all expected to attend the late Queen’s state funeral in Westminster Abbey on Monday, September 19. That is likely, nevertheless, to be a key moment in the history of an organization that has formally existed since 1931, when Princess Elizabeth was only six years old. The seven-decade-long Queen has always been its beating heart.
The first key members were Canada, Australia and New Zealand and they were followed by African, Caribbean and Asian countries that became independent in the 1950’s and 1960’s. Fourteen Commonwealth nations still have the British monarch – now Charles III - as their head of state. They were the first to be informed about the sad news.
The “wind of change” that eventually brought about the end of British rule began in India in 1947. In 1952, when Princess Elizabeth’s father, George VI, died, she was visiting Kenya. Within a decade of her coronation in 1953, Sudan, Malaya, Ghana, Somaliland, Nigeria, Cyprus, Trinidad and Tobago, Jamaica, Tanganyika, Zanzibar, Sierra Leone, Kuwait and Uganda all achieved independence.
“Today, 70 years later, another wind is being felt across the Commonwealth” wrote the historian David Olusoga in the Observer. “A mass awakening to the realities and legacies of imperialism and slavery. New scholarship and new debates around history are changing attitudes in many of the 54 ‘independent and equal nations’ of the Commonwealth – countries that are collectively home to 2.5 billion people, most of them not white and 60% of them under the age of 29.”
Racism, slavery, prejudice and prioritizing the interests of the UK over its colonies have become an obvious and modern way of studying the long history of the British Empire. Barbados became independent last year in advance of a disastrous tour of the Caribbean undertaken by Prince William (the oldest son of the new king and now the heir to the throne) and the Duchess of Cambridge in March, which starkly revealed the great gulf that exists between the monarchy and many of the people of that Commonwealth – particularly the young.
Elsewhere in the Commonwealth, Australian Prime Minister Anthony Albanese, elected to a three-year term in May, began laying the foundations for a nationwide referendum on transitioning the country into a republic. Last Sunday, however, he paused his timeline in deference to the Queen, saying now is the time to pay tribute to her memory, not push for swift change. He has said he will not call a referendum in his current first term as premier. The next federal election is scheduled for 2025.
Like her Australian counterpart, New Zealand ‘s prime minister Jacinda Ardern supports her country's transition to a republic but, after the Queen's death, said she will not push for that change at any time during her own government.
Just after Charles was formally proclaimed king last Saturday, the premier of the tiny eastern Caribbean island country of Antigua and Barbuda said he will hold a referendum on transitioning to a republic and removing King Charles as head of state within the next three years.
In March Jamaican Prime Minister Andrew Holness announced his intent to obtain independence directly to his guests Prince William and Kate, now the new Prince and Princess of Wales, on their official visit to the Caribbean island country. During their visit a protest was held outside the British High Commission in Kingston, the capital. Jamaicans demanded an apology and reparations for Britain's role in the slave trade from Africa. In the age of Black Lives Matter and the felling of colonial-era statues that is hardly surprising.
Rising discourse on social media has divided non-white communities. Some have argued that this is the time to speak out about ways the royal family have exploited and oppressed countries throughout history, while others believe it's insensitive to do so. Yet, is there really ever a "good" time to have difficult conversations about the way the monarchy has profited from colonialism? Charles seems impressively aware of that noxious topic.
Philip Murphy, a professor at the University of London and former director of the Institute of Commonwealth Studies, said that although Buckingham Palace had “taken a relaxed view” about countries removing the Queen as head of state, “the British government has been less consistent about that.” Ministers are thought to be anxious to preserve the soft power benefits of the Commonwealth after Brexit – the still controversial decision to leave the European Union.
It is hard to avoid the conclusion that the Commonwealth’s relationship with Britain is likely to be very different under King Charles III compared to his late mother’s long and popular rule.
BY: IAN BLACK
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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