The government of Bahrain is standing firm against proposed changes to the chamber voting system, arguing that the current capital-based structure is more equitable and better represents business interests. The bill in question seeks to revert to an earlier system of vote distribution, which assigned votes based on company capital. However, the existing system allocates votes based on the amount of capital a company holds, with larger companies receiving more votes than smaller ones.
Under the current system, companies with BD5 million or more in capital hold 256 votes, while companies with BD1 million to BD5 million receive 128 votes. On the other hand, companies with BD100,000 to BD500,000 get 32 votes, those with BD50,000 to BD100,000 have 16 votes, and companies with BD20,000 to BD50,000 receive 8 votes. The government argues that this system strikes the right balance and fosters trust among investors.
The government, through the Minister of Industry, Commerce, and Tourism, has defended the current system as fair and in line with government policy. They emphasize that voting in the Chamber of Commerce differs from voting in Parliament, as each member votes as a business owner. The system was established by the Financial and Economic Affairs Committee in the Council of Representatives and is fully supported by the Bahrain Chamber of Commerce and Industry (BCCI).
BCCI has consistently backed the current voting system, citing that it provides a fair representation of each company’s contribution to Bahrain’s economy. The 2020 updates to the system have reduced costs for companies, which has been a benefit for the business community. These changes have also brought clarity to chamber operations and supported the chamber’s long-term economic goals.
The Bahrain Development for SME (BDSME) Society, representing nearly 500 members, has reported no complaints regarding the current voting system. The society believes that the current system favors small and micro-businesses, enhancing their representation in chamber elections. They oppose a return to the old system, arguing that the current approach offers fairer representation aligned with members’ economic strength.
In conclusion, the government of Bahrain and the Bahrain Chamber of Commerce and Industry are standing behind the current capital-based voting system, arguing that it is fair and transparent. While there is a push from some in the business community to revert to an earlier model, the existing system seems to strike a balance between representing the interests of different-sized companies. The government and industry stakeholders believe that the current system is crucial in ensuring a level playing field for all businesses and promoting investor trust in Bahrain’s economy.
