Pressure mounts on UK PM Rishi Sunak with Boris Johnson set to attend COP27
October 31, 2022, 1:00 pm

Pressure mounts on UK PM Rishi Sunak with Boris Johnson set to attend COP27

British Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak are seen in cabinet room in 10 Downing Street during Johnson's birthday, in London, Britain June 19, 2020 in this picture obtained from civil servant Sue Gray's report published on May 25, 2022. Sue Gray Report / gov.uk/Handout via REUTERS

UK Prime Minister Rishi Sunak is under growing pressure over his decision not to attend the COP27 Climate Conference in Egypt next month, after it emerged that his predecessor and rival, Boris Johnson, plans to be present at the summit.

Johnson is scheduled to attend the event at Sharm El-Sheikh, which is also set to host many other world leaders, to show “solidarity” with efforts to combat climate change, reports the Observer newspaper.

Johnson’s attendance as a backbench MP would be an interesting development, after he left office just over seven weeks ago, and failed last week in his audacious bid to return to 10 Downing Street and prevent Sunak from becoming prime minister.

Some suggest the move is a ploy to put pressure on Sunak early on in his premiership, with the Observer suggesting talks are already taking place to persuade the former prime minister to change his mind.

Sunak has said he is currently too busy to attend COP27, as he deals with the UK’s ongoing economic turbulence, but has defended his position on climate change.

Boris Johnson at COP26 climate change summit/Official Facebook page

A government spokesman told the Observer: “The UK will be fully represented by senior ministers, including the foreign, business and environment secretaries, as well as COP President Alok Sharma. They will be working to ensure that countries continue to make progress on the groundbreaking commitments made at COP26 in Glasgow.”

The news of Johnson’s attendance comes amid another potential headache for the government after the Telegraph revealed King Charles III is to host a reception for politicians and significant figures in London after “mutually” agreeing not to attend COP27 with No. 10.

UK PM Rishi Sunak criticized over plans to skip COP27

The king, a vocal environmentalist before ascending the throne earlier this year, was said to be “personally disappointed” to miss the event, having been “all lined up to go,” but was “entirely accepting of his role,” according to the paper.

His mother, Queen Elizabeth II, famously addressed the COP26 summit held in the Scottish city of Glasgow last year.

Sunak has faced criticism from many within his own party for his personal stance on attending COP27, whilst the government itself has also received flak for its general stance on climate change in recent weeks.

King Charles III to hold climate event on eve of COP27

Sharma, who will lead the UK negotiating team in Sharm El-Sheikh, said in an interview with the Sunday Times: “I’m pretty disappointed that the prime minister is not going. I understand that he’s got a huge in-tray of domestic issues that he has to deal with.

“But I would say that going to COP27 would allow for engagement with other world leaders. And I think it does send a signal — if the prime minister was to go — about our renewed commitment on this issue.”

Sharma, who was president of the COP26 summit but will pass on his duties in Egypt, added: “People want the UK leadership to continue — they really value what we have been doing, so I hope, irrespective of who goes or not, that we continue this leadership on climate.

Environment activists throw cake on Madame Tussauds waxwork of King Charles

“For me, it is one of the defining issues of this decade. And actually, this isn’t just about the environment. You know, if you get this right, this is also about green jobs, about inward investment.”

Earlier this week, Nadine Dorries, the former culture minister, tweeted: “The prime minister is wrong not to go to COP. Global warming is the biggest crisis facing our planet and net zero creates many thousands of jobs.”

Ed Miliband, the shadow secretary of state for the environment and net zero, said: “Rishi Sunak is absent when it comes to the climate crisis. If even the former prime minister is attending COP27, it is just further evidence of his colossal failure of leadership.

“The prime minister’s decision to pull out of COP27 shows he doesn’t care about the greatest long-term threat our country faces.”

Source: arabnews

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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.