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COP26 – The Summit of Summits

Much like the Universe itself the conference is made up of concentric rings. Outside the high security perimeter are not only the Scottish public but of course the protestors. The diversity of climate or environmental groups is vast and in recent months the UK has been witnessing a more direct form of protest by entities such as “Extinction Rebellion” and “Insulate Britain”. These groups have taken to gluing themselves to major roads causing transport chaos and gaining significant amounts of media coverage. Their tactics are unsurprisingly unwelcome in the heart of power and so they remain outside the summit shouting in.
The opening of COP was supposedly symbolic of the climate issues the conference was addressing, as thousands of delegates braved exposure to the elements and rain whilst enduring long waiting periods to enter the ‘secure zone’. Once inside visitors describe a ‘village’ of organisations stalls and expos all focusing on various aspects of the climate emergency, then finally at the heart of the conference itself was where world leaders and their officials would come together to report back on promises made five years ago in Paris and to commit to further steps to prevent runaway climate change.
Russia and China not sending their Premiers set the ambition of the summit back but frantic diplomacy and significant political capital invested by the British organisers have already resulted in positive commitments from India and as well as a significant agreement to halt deforestation and support what delegates regularly refer to as the ‘lungs of the planet’.
The fact that President Biden is not President Trump has returned US leadership to affairs, although the titanic efforts being made by the Democratic leader to secure his own domestic policies appears to have taken its toll on the levels of ambition Washington could bring to Glasgow. Private sector efforts are of course key to progress in the climate emergency and industry leaders like Jeff Bezos’ presence sparkle stardust on a summit that was delayed by a year due to the Covid pandemic.
Meanwhile against the backdrop of the summit another less planned effort to deal with one of the consequences of climate change, mass starvation, was taking place on social media as the billionaire Elon Musk enjoyed a Twitter conversation with World Food Programme Head, David Beasley, as to whether he could stump up the money needed to end acute hunger. Such is the fluid nature of modern challenges and solutions that the mass organisation and effort of the COP summit stands in stark contrast to the light touch but potentially massive consequential conversation between a UN agency lead and a super wealthy individual.
Ultimately the success or failure of the COP Summit will be judged by two factors. Firstly, the strength and ambition of the final communique, which will be the result of predictably frenzied negotiations between officials at the later part of the week once the political leaders have returned home. This document will be raked over and scrutinised with laser like intensity and different groups will likely interpret it in different ways. The UK Government itself has attempted to manage expectations prior to the summit but will surely define it as a success whatever the outcome.
The second indicator as to COP 26’s success will of course take place in the medium term. The Summit in Glasgow has already called States up as to the missing of commitments made back in Paris in 2015. The international community is largely self-policing and with political leadership constantly changing (imagine for example what US commitments would look like if Donald Trump were to return to the White House) the ability of the Communique to act as a compass and a pledge card will be judged over months rather than at the end of the Summit once the security has been packed away and everyone has gone home. Indeed, the cycle of global summits feels somewhat old fashioned and out of pace with the rapid and urgent challenges of our time. Perhaps the climate crisis will inspire thinking towards international cooperation and decision making fora of a new type and effectiveness to help chart humanity out of these troubled waters.
by: James Denselow

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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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