Banks asked to bring down directors from same family to 3
Published : Wednesday, 26 July, 2023 at 6:46 PM Count : 585
Bangladesh Bank (BB) has asked banks to bring down the number of directors from the same family to three.
The Bank Company (Amendment) Act 2023, which was passed in parliament recently, specified that the number of directors from a single family can't be more than three, according to a BB circular issued on Wednesday.
As per the circular, the directors concerned should reach a mutual understanding if one of them has to be resigned from the board in order to comply with the law.
If they fail to reach any mutual understanding, a lottery has to be held at a board meeting to pick the director who would have to step down.