Bangladesh Bank has formed a four-member committee to verify the eligibility of the nominee of the bank as the Managing Director (MD) of the bank. The name of the committee is ‘Evaluation Committee on Appointment/Re-appointment to the post of Managing Director or Chief Executive Officer’.
On Sunday (March 3), the Banking Regulations and Policy Department of Bangladesh Bank issued a directive in this regard.
Even if the managing director and chief executive officer of the bank voluntarily or under the pressure of the board leave the post of MD of the bank, the approval of Bangladesh Bank will be required. Before appointing MD, his educational qualification, work experience should be sent to Bangladesh Bank. A committee of Bangladesh Bank will interview the nominated person. Bangladesh Bank will approve the appointment of MD based on the recommendation of that committee.
In the notification, the central bank said, a four-member committee headed by a deputy governor has been formed to verify the qualifications, suitability, experience, age and leadership qualities of the person nominated as the bank’s MD. The MD Appointment Evaluation Committee will be chaired by the Deputy Governor (in-charge of Banking Regulations and Policy Department). The remaining three members include the Executive Director (in charge of Banking Regulations and Policy Division), Executive Director (in charge of Department of Offsite Supervision) and Director (Banking Regulations and Policy Division, Division-II).
Read more • No removal of bank MD unless there is extreme slippage
The term of appointment of Managing Director and Chief Executive Officer of the Bank shall be generally three years. But he will be eligible for reappointment. In case of re-appointment, if the age of the candidate is less than 3 years after passing 65 years, then he can be appointed for that period also. However, Bangladesh Bank will appoint the candidate for the period for which the appointment is recommended after interviewing the candidate for the period for which he/she is recommended.
Earlier, on February 27, Bangladesh Bank said in an instruction that the removal of MD will require the permission of the Central Bank. No MD can be removed from his post or contract can be terminated before the expiry of the contract, unless there is gross misconduct or deviance. If you want to cancel or remove the contract, you should send it to the central bank stating the specific reason. If Bangladesh Bank approves such a proposal, it will become effective after one month. Similarly, if Bangladesh Bank refuses, the MD will remain in office for the remainder of the term. If someone wants to resign before the end of the term, it should be sent to Bangladesh Bank with the recommendation of the board of directors. The decision given by Bangladesh Bank after personal hearing will be effective.
Click here to view Recruitment/Re-employment Evaluation Committee Notification
