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Restructuring board of directors

8 banks fail to comply with BB guidelines

STAR BUSINESS REPORT
Instructed by the central bank, 22 private banks last year downsized their boards keeping maximum 13 directors but eight others failed to restructure their boards due to legal and other complexities.
The private commercial banks have been asked to restructure their boards of directors as per three guidelines of the central bank and the Bank Company Act.
According to the guidelines, the banks' boards will have maximum 13 directors, a director cannot hold his directorship for six years in a row and more than one person of a
family cannot become directors of same bank.
A Bangladesh Bank (BB) circular issued on April 26 last year asked the banks to restructure their boards following the guidelines at the first annual general meeting (AGM) after the issuance of the circular.
Accordingly, 22 private banks held AGMs and restructured their boards.
The banks which failed to restructure their boards are Al Arafah Bank, Dutch-Bangla Bank, Prime Bank, United Commercial Bank, Social Investment Bank, Pubali Bank, City Bank and First
Security Bank.
Of them, Al Arafah Bank, Dutch-Bangla Bank and Prime Bank had held their AGMs before the issuance of BB circular. They will have to hold their next AGMs within June this year and restructure their boards.
But the other five banks could not hold AGMs last year due to legal and other complexities, sources said.
The board of United Commercial Bank comprises 22 directors and the bank has been failing to hold AGMs since 1998, thanks to legal battle among directors.
Social Investment Bank having a 25-member board of directors last time held AGM in 2000.
However, both the banks may hold AGM this year.
Pubali Bank, City Bank and First Security Bank could not also restructure their boards due to the same reason.
Pubali Bank has a 14-member board of directors. Although City Bank has downsized its board, it has more than one director from one family.
First Security Bank's board comprises 21 directors, including seven from one family.