TDT | Manama The Daily Tribune – www.newsofbahrain.com In a bid to streamline government expenditures, two Bahraini MPs have submitted a new legislative amendment that seeks to tie the allocation of annual bonuses for presidents and board members of government entities and
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
In a bid to streamline government expenditures, two Bahraini MPs have submitted a new legislative amendment that seeks to tie the allocation of annual bonuses for presidents and board members of government entities and companies to the achievement of profits outlined in the annual financial report, subject to the approval of the Minister of Finance.
The proposed law prohibits the payment of any bonuses if financial losses are proven based on the annual financial report.
According to the explanatory memorandum accompanying the proposal, the law aims to consolidate the bonuses of government entities’ boards in Bahrain within a specific framework directly linked to yearly profits, with the consent of the relevant minister.
This approach aims to reduce government spending, rationalise expenses, implement administrative reforms, and consider the prevailing economic challenges.
The memorandum further stated that the proposed law is designed to align with the current economic situation in the Kingdom by streamlining annual expenditures.
The proposal consists of three articles.
The first article states that annual bonuses, also known as “bonuses,” cannot be disbursed to the presidents and board members of government companies and entities in the event of proven financial losses, according to the annual financial report.
Meanwhile, the second article allows for the payment of annual bonuses if profits are confirmed and with the approval of the relevant minister.
