Independent Directors
DSE proposes new name on list in place of Farashuddin
The Dhaka Stock Exchange at a board meeting on Tuesday decided to propose the name of Institute of Cost and Management Accountants of Bangladesh member Ruhul Ameen on its list of independent directors in place of former Bangladesh Bank governor Farashuddin Ahmed as the latter declined to take the post, DSE sources said. The DSE last week proposed a list of 14 individuals including Farashuddin from different organisations to the Bangladesh Securities and Exchange Commission for choosing seven independent directors for the bourse’s demutualised board.
After submission of the list by the DSE, Farshuddin conveyed his unwillingness to the BSEC.
Following his refusal, the capital market regulator asked the bourse to submit a fresh list of proposed independent directors.
Sources said both the DSE and the BSEC wanted to include Farashuddin in the Dhaka bourse’s board and to make him the chairman of the bourse.
As per the demutualisation scheme approved by the BSEC, bourses are to submit two names against one independent director post and the market regulator is supposed to select seven directors from the list of 14.
As per the new list approved by the DSE board on Tuesday, 13 other proposed names for independent directors remained unchanged.
They are Centre for Policy Dialogue executive director Mustafizur Rahman, University Grant Commission member Abul Hashem, law ministry additional secretary Nasreen Begum, commerce ministry additional secretary Md Ruhul Amin Sarker, ex-foreign secretary Waliul Islam, BUET professor M Kaykobad, former BASIS president Habibullah N Karim, former justice Siddiqur Rahman Miah, FBCCI first vice-president Monowara Hakim Ali, FBCCI vice-president Md Helal Uddin, former DCCI president Asif Ibrahim, chartered accountant Md Ashraf Uddin Ahmed and Brigadier General Mohammad Mujibur Rahman.
The Chittagong Stock Exchange board on Tuesday also approved a fresh list of 14 independent directors as the BSEC also asked the bourse to submit a fresh list as the regulator had found problem with Credit Information Bureau report of two proposed directors.
CSE chief executive officer told New Age, ‘The CSE board has approved a fresh list of independent directors to submit to the BSEC.’
The DSE and the CSE on November 21, 2013 turned into demutualised bodies as the bourses on the day received their amended memorandum and articles of association certified by the Registrar of Joint Stock Companies and Firms.
-With New Age input
