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Grameen Bank

Directors demand Yunus-picked MD

Vow to continue opposing change in the ordinance

Staff Correspondent
Eight elected female borrower-directors of Grameen Bank yesterday said they wanted Prof Muhammad Yunus as the head of the selection committee that would choose the new managing director of the microcredit organisation.
“We just want that the selection committee be led by him [Yunus] and pick the most qualified and competent candidate for the bank,” said Tahsina Akhter, elected
SEE PAGE 19 COL S FROM PAGE 1 board member from Grameen Bank Mymensingh zone, on behalf of her colleagues.
She read out a written statement at a media briefing at Jatiya Press Club in the capital. Board members Sultana Parvin, Sajeda Begum, Shahida Begum, Rehana Akhter, Saleha Khatun, Parul Begum and Marina Begum and a number of former members of the board were also present there.
The directors, who are part of the 12-member board, made it clear that they were not pressing for the Nobel laureate to become the managing director.
The press conference was organised to protest the amendment the government had brought to the Grameen Bank Ordinance, 1983 on August 21 this year giving more power to the bank's chairman to choose its managing director.
The female directors also vowed to continue their protest against the amendment that curbed rights of the Grameen Bank board to appoint its managing director.
They said it would not bring any good to the bank if the government goes ahead with its plan sidelining the majority of board members.
Tahsina said in the past whenever the ordinance was amended the authority of the borrower-directors in the board was strengthened. But the government had curbed the rights of the nine borrower-directors and unilaterally strengthened the power of the government-appointed chairman.
“Despite being a woman, the prime minister lessened the power of women at a time when movements, seminars and rallies are being taking place around the globe to empower women. It is a matter of worry,” she said.
“The government overturned the laws to deprive us of our rights. Now it wants to form the selection committee and appoint the managing director according to its wish. It amounts to snatching Grameen Bank from us,” alleged Tahsina.
The board members said they had formed a selection committee headed by Prof Muhammad Yunus to pick his successors and the board approved it thrice. But the government-appointed chairman had not implemented the decision.
Tahsina also said the government was saying that the amendment to the bank's ordinance would make the appointment process of the managing director transparent but “it
is not understandable how the process will be transparent when the power of the board has been curbed and the chairman has been given more power.
“The government should keep in mind that the borrower-members own 97 percent share of Grameen Bank. It has deprived the 84 lakh borrower-members of their rights through the amendment.
“We strongly protest the promulgation of the amendment, which is detrimental to the interest of the members of Grameen Bank," she said.
During a questionanswer session, the present female board members said the future of the bank would be uncertain if the government appoints a chosen managing director.
Tahsina said, “Through vesting the chairman with more power we have become valueless.”
Rozina Begum, a former director of the board, said Prof Yunus had always wanted to resign from the post of the managing director of Grameen Bank after he crossed the mandatory retirement age of 60.
“But we, the board members, thought that if he continued to stay with the bank it would bring the ultimate good for the organisation,” she said.
The directors also countered the claim that Grameen Bank does not give its shareholders any dividend. The bank gave 100 percent dividend in 2006 and 20 percent in 2007 and 30 percent in 2008, 2009 and 2010, they said.
Saleha, a director, asked: "We do not understand why the government is trying to snatch Grameen Bank from us?"
Rozina also countered the claim that the nine borrowerdirectors did not have any say in the board meeting and Prof Yunus took all the decisions unilaterally.
"In board meetings, we put forward the problems we faced at the grassroots level. We discussed those and came up with solutions. Prof Yunus never made decision unilaterally,” she said.
She claimed that the female directors had proved that they can properly manage an organisation. "If the government appoints us in the board of Sonali Bank we will be able to run it properly. There will be no incident of looting Tk 3,500 crore."
Rozina was referring to the embezzlement of more than Tk 3,800 crore by Hallmark and some other entities in connivance with some top-level officials of Sonali Bank at its Ruposhi Bangla Hotel, Agargaon and
Gulshan branches.
Tahsina said the way the government is trying to appoint the managing director is not right. The previous law worked well.
"We will not accept it. We will continue to protest the change until we get back our rights," she said.
1ST INSTALMENT OF YUNUS CENTRE'S ANSWERS TO FREQUENTLY ASKED QUESTIONS - PAGE 15, MORE IN STAR BUSINESS