James Denselow

The COP26 Conference in Glasgow was intended to be a diplomatic showstopper for the British Prime Minister Boris Johnson. The plan was for him to be seen bringing the world together to deal with an issue of fundamental importance to the future of the species. Yet Covid meant that not all world leaders were able to attend and the success of the summit. The actual results were mixed and the fact that the Chair was in tears at the end in response to the watering down of language around coal will provide perhaps a more lasting memory than some of the detailed agreements in paper.

More surprising for observers was that the Prime Minister Johnson was forced to deal with a corruption scandal in the midst of the summit. At a press conference Johnson faced a barrage of questions about ethical standards in politics that he felt obliged to argue that the UK “is not remotely a corrupt country”. The accusations are linked to a Member of Parliament, Owen Paterson, who was found guilty by the Standards Watchdog of “egregious” breach of lobbying rules.

Rather than facing a suspension from the Commons and a possible byelection the Government proceeded to attempt to change the rules by which cases like Paterson’s were investigated. This sparked a furious response by opposition parties and in the media that quickly saw the Government U-turn from having pushed a vote on the matter, Paterson quit as an MP and the Conservative party see a nosedive in the polls.

It also sparked a wider conversation as to whether the UK’s political establishment is in essence corrupted, hence the Prime Minister having to answer to it at a summit where he was expecting to be talking about deforestation and keeping global temperature rise to 1.5 degrees C. At the heart of the matter is the question around whether Members of Parliament should be allowed to have second jobs that often pay more than their role as representative of the people.

The storm that engulfed the political establishment quickly worsened when it was revealed that a former Government Minister, Sir Geoffrey Cox, had been earning serious money whilst working as a lawyer and living in the Cayman Islands. Sir Geoffrey wasn’t technically in breach of any rules but that seemed half the problem in and of itself that people whose job is to work on behalf of their constituents were able to have so much latitude to do other work.

Those who argue in defence of MPs having second jobs say that it gives more diversity of views to the House of Commons. That medics and lawyers should be continued to allow to work means they can utilise this experience to better scrutinise legislation and government policy. However, things become a lot harder to justify when the opaque world of lobbying and influencing comes into question. The Paterson case showed that the MP had repeatedly demanded access to ministers and regulators on behalf of his paying clients. The notion of elected representatives actually representing companies who pay for their access is of course an anathema to a true democracy and this explains part of the outrage to the events of the past two weeks.

It has also sparked an internal debate between MPs who have second jobs and those who don’t. Often it is the MPs in safe seats who don’t have to worry about competitive elections who can afford to take on work away from Westminster, whilst those who need to worry about every vote can’t afford to take their eye of their constituency. This appears to be the recipe for a two-tiered representative democracy with some UK citizens getting a more attentive and focused MP than others, whilst this may not equate to corruption as it is mostly done in the public eye and through the Members Registers of Interests, it doesn’t reflect well on one of the oldest democracies on the planet.

Indeed, the next election, whenever it is, may see more bold policy pronouncements around this issue both looking to tighten up the revolving door around lobbying and influencing, as well as address the question as to whether MPs should have second jobs or not head on. Without these steps being taken then it would seem likely that the British public’s faith in their democratic representatives may continue to haemorrhage.

by: James Denselow

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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.