The Bahrain Ship Repairing and Engineering Company B.S.C. follows fundamental governance principles that regulate the company’s relationship with its shareholders, management, employees, third parties and all types of individuals and institutions with whom BASREC has done business as well as to all its future client.

Corporate Governance 2018 English

Corporate Governance 2018 Arabic



With regard to BASREC’s activities and relationships with customers, employees and shareholders, BASREC remains committed to the principle of integrity.


Aware that confidence lies at the heart of business success, BASREC provides customers, shareholders, employees and legal authorities with clear, comprehensive and accurate information.


BASREC abides by all laws, regulations and standards, and is committed to ensure compliance with any of the proposals for modifications.


BASREC does not share any information or details on transactions concerning shareholders, employees, suppliers or business partners. We do not share any personal information regarding our clients, with any person or institution, except with those authorities with which the sharing of information is permitted or required by laws.


BASREC management strives to establish transparent and close communication with the shareholders. The objective is to make BASREC shares an attractive and predictable investment vehicle for existing shareholders as well as for potential investors.

“Effective Corporate Governance is an important part of our identity. Accordingly, we ensure the responsible, value-driven management and control of BASREC through our system of corporate governance.”


The BASREC Board is the primary governing body for BASREC. The Articles of Association “AoA” includes composition of Board of Directors and their term of office, condition for the membership of the Board, election of Directors, appointment of experts as Board members, termination of membership and powers of the Board of Directors under Bahrain Commercial Company Law 2001, Directors liability, Directors remuneration and requirements for the nomination to the Board.

As per its AoA, the BASREC Board is currently composed of 6 members and all were elected during the General Assembly held on 30th of March 2015.


BASREC maintains an open and transparent dialogue with its shareholders. The Annual General Assembly was held on 30th March 2015, during which the following resolutions were approved:

The Board of Director’s Report on the company’s activities and its financial position for the fiscal year ended 31st December, 2014 and the future plan of the company.

Approved distribution of dividend to the shareholders for the financial year 2014 at 50 fils per share.

The adoption of the company’s financial statements for the year ended December 31, 2014.

Appointment of KPMG as external auditors for the fiscal year 2015 and the auditor’s fees.

The Articles of Association (“AoA”) includes provisions to ensure the rights of shareholders are respected in a fair and equitable manner, and more specifically include provisions with regards to calls for General Assembly meetings. General Assembly resolutions and equal treatment of shareholders, the exercise of voting rights, method of voting for Board Members and dividend distribution method.

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