MINISTERIAL ORDER NO.15 DATED 14.10.1976 WITH RESPECT TO SETTING UP A COMMITTEE FOR AUDITING THE ACCOUNTS OF PRIVATE PROVIDENT SCHEMES ESTABLISHED BY EMPLOYERS

The Minister for Labour and Social Affairs,

After referring to Article 83 on the Law of Social Insurance, issued by Decree-Law No. 24/1976.

And in order to sustain the interests of the workers subscribing to private provident schemes established by employers for the payment of pension, savings, funds and all alike schemes which have come into being as a result of special agreements concluded between them and their employees or workers or established by the mere will of individual employers.

And in order to audit the accounts or the contributions of the employers and that of the workers to the private schemes indicated in the foregoing paragraph and to audit the accounts with respect to interests, profits, investments and revenues and all other assets, movable or immovable or if they are in the control of the employers subject to the Law of Social Insurance or their representatives or their workers and employees who are entrusted with their investments and if these assets are entirely or partly available in the country or outside, so as to give the assurance to the workers that their entitlements would be safely and completely returned to them in the event of the liquidation of the employer's private scheme established threat or the employer's attempt at establishing an alternative scheme.

Hereby orders :

Article 1

The committee charged with auditing the accounts of the private schemes indicated under Article 93 and 94 of the Law on Social Insurance, shall be formed from the following persons :-

Article 2

The committee mentioned in the foregoing Article shall be charged with auditing the assets of private schemes described in Articles 93 and 94 of the Law on Social Insurance whether the said assets are movable or immovable and the said committee shall have the powers stipulated in Article 120 of the aforementioned Law.

Article 3

The Committee referred to in Article 1 of this Order, shall cause to be summoned, through its chairman, a representative of the employer whose private scheme accounts are being under audit and a representative of the workers, to associate themselves in the said auditing. The said two representatives shall not have voting rights in the deliberations of the committee.

Article 4

The Committee shall hold its meetings at the Ministry of Labour and Social Affairs out of official working hours or whenever it thinks fit to complete its procedural works. It shall forward a detailed report on each scheme to each of the employer's concerned. After submitting a report of the outcome of its work to the Minister, it shall report the same to the joint committee in the establishment concerned.

Article 5

This Order shall come into effect from the date of its publication in the Official Gazette.

Essa bin Mohamed bin Abdulla Al Khalifa Minister for Labour and Social Affairs

Dated : 14.10.1976