Denmark's Queen Margrethe says 'sorry' for stripping royal titles from grandchildren
October 4, 2022, 7:30 pm

Denmark's Queen Margrethe says 'sorry' for stripping royal titles from grandchildren

Queen Margrethe II said she wanted to keep the monarch in "keeping with the times" - Photo. Getty Images

At the end of September Denmark's queen, Europe's longest-reigning monarch, stripped some royal titles from four of her grandchildren from her younger son Prince Joachim.

However, all of them-Prince Nikolai, Prince Felix, Prince Henrik, and Princess Athena-will maintain their places in the line of succession to the Danish throne.

From 1 January they will only be allowed to use their other title, count or countess of Monpezat.

The Danish Royal Household said at the time the move was "in line with" what other European royal families were doing, so that the children could "shape their own lives" without being limited "by the special considerations and duties" that come with being a part of the royal family.

Queen Margaret II has apologized just days after stripping four of her grandchildren of royal titles.

"I have made my decision as Queen, mother and grandmother, but, as a mother and grandmother, I have underestimated the extent to which much my younger son and his family feel affected," said Queen Margaret II in a personal statement on late Monday (October 3).

"That makes a big impression, and for that I am sorry," she added.

However, the queen has not reversed her decision.

"My decision has been a long time coming. With my 50 years on the throne, it is natural both to look back and to look ahead. It is my duty and my desire as Queen to ensure that the monarchy always shapes itself in keeping with the times," said the queen.

Denmark inflation highest since January 1983

She said that the decision was difficult to make but she viewed it as a "necessary future-proofing of the monarchy."

"No one should be in doubt that my children, daughters-in-law and grandchildren are my great joy and pride. I now hope that we as a family can find the peace to find our way through this situation," she added.

Prince Joachim and his wife Princess Marie last week spoke to the Danish media and voiced their disappointment over the queen's decision. Joachim's eldest son Nikolai and ex-wife Alexandra also voiced displeasure.

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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.