The offer to serve as an independent director at the nation’s largest stock exchange, the Dhaka Stock Exchange, has been turned down by KAM Majedur Rahman.
Majedur was a managing director of the DSE before becoming the chairman of Maldives Islami Bank.
He declined the offer in a letter sent on Monday to the Bangladesh Securities and Exchange Commission.
A representative for the BSEC, Farhana Faruki, informed bdnews24.com that Majedur sent a letter to the commission, which has since received it. She promised that the director appointment problem would be handled shortly.
Following the fall of the Awami League government on 5 August, the independent directors nominated by the government were asked to resign. The BSEC named seven independent directors on September 1.
The other independent directors nominated to fill those positions are Brig Gen Mafizul Islam Rashed of Bangladesh Army 46 Brigade, Nahid Hossain, additional secretary of the Financial Institutions Division at the Finance Ministry, and Director General Prof. Maj Gen (Rtd) Kamruzzaman of the Army Institute of Business Administration.
Helaluddin, the director of research at the Centre on Integrated Development for Asia and Pacific (CIRDAP), Syed Hammadul Karim, the former general manager of Metlife Bangladesh, and Ishak Mia, the managing director of Bangladesh Data Centre and Disaster Recovery Site Limited are among the other directors who have been appointed.
But when some criticism was levelled at their appointment procedure, BSEC decided to halt their appointment. In the circumstances, Majedur declined the invitation.
The BSEC announced in a press release that it approves the appointment of independent directors in accordance with the recommendation made by the stock exchange’s Nomination and Remuneration Committee (NRC).
Due to the independent directors’ resignation, DSE is now without a sufficient number of directors and therefore does not have an NRC. DSE is unable to recommend the choice of directors in the absence of a committee.
The DSE Directorial Board is not full and functional in accordance with the rules, according to the BSEC.
“It is imperative that independent directors be appointed right away in order to safeguard investors’ interests and the general growth of the stock market.” The commission therefore chose to designate independent directors to the PLC of the Dhaka Stock Exchange.”
