Minimum age of 30 years to be a member of the board of directors of a finance company. And the term of directorship will be three years. However, no director can serve more than three consecutive terms or more than 9 years.
On Thursday (February 29), Bangladesh Bank’s Financial Institutions and Markets Department issued this instruction. Earlier, Bangladesh Bank had issued a policy notification regarding the formation of Board of Directors and independent directors of bank-companies. After this notification was issued regarding the board of directors of the finance company.
According to the notification, the board of directors of the finance company will consist of shareholder directors, representative directors on behalf of shareholder organizations and independent directors. Alternate Directors shall also be members of the Board where applicable. The maximum number of board directors will be 15 people. The number of independent directors shall be at least two. If the members of a family collectively own more than 5 percent of the shares of the finance company, maximum two of the members of the said family can hold the position of directors of the company.
Eligibility to be appointed as a director states that minimum shares must be held as per the regulations of Bangladesh Securities and Exchange Commission. The concerned person should have at least 10 years of management or business or professional experience. No work experience shall be taken into account until a person attains the age of 18 years. Minimum age of concerned person should be 30 years.
EAR/ZH/MS
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