Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, has maintained its high ranking for transparency in the independent Linaburg-Maduell Transparency Index issued by the Sovereign Wealth Funds Institute (SWFI). Placed in the top tier of its global peers, the ranking reinforces the institution’s commitment to the highest standards of corporate governance and accountability.
In the quarterly study by the US-based SWF Institute, Mumtalakat was placed alongside the sovereign wealth funds for South Korea and Canada with a rating of nine out of a possible 10. Out of the 44 firms from around the world reviewed by the SWF Institute, more than half scored less than eight on the index, which is what the Institute regards as the accepted minimum requirement for transparency.
“As the holding company for many of the Kingdom’s strategic non-oil and gas assets, it is important that Mumtalakat leads by example. Its continued high ranking in the independent SWF Transparency Index serves to underscore Mumtalakat’s longstanding commitment to achieving and maintaining international standards of corporate governance and transparency, and ensuring accountability. It is yet another illustration that the fundamentals of Bahrain’s economy are sound,” Shaikh Khalid bin Abdulla al-Khalifa, Deputy Prime Minister and Chairman of Mumtalakat said.
“I take this opportunity to thank the management and the employees of Mumtalakat for their continued work to embed best business practice in the operations of the company and within the portfolio. This provides those companies with the competitive edge regionally and internationally and bolsters Bahrain’s reputation with the international business community. ”
The SWF Institute study is based on ten essential principles that demonstrate sovereign wealth fund transparency to investors. These include the provision of percentage ownership of company holdings, financial returns, geographic locations of holdings and the provision of clear strategies and objectives for the future.