CSE elects 4 directors
Four shareholders were yesterday elected to the first board of the demutualised Chittagong Stock Exchange.
Mirza Salman Ispahani, managing director of ISPI Securities, bagged the highest number of votes: 92 out of 113 valid votes, the bourse said in a statement.
Mohammad Khairul Anam Chowdhury, director and chief operating officer of LankaBangla Securities, won the second highest—86 votes—followed by Mohammed Mohiuddin, managing director of Island Securities, with 58 and Md Shamsul Islam, chairman and chief executive officer of Be Rich, with 57 votes.
The four new directors, out of nine contenders, were elected from the bourse's existing shareholders, in line with the demutualisation scheme approved by Bangladesh Securities and Exchange Commission (BSEC) on September 26 last year.
An annual general meeting was also held yesterday to adopt the newly-elected directors and hand over duties to the 13-member board.
The remaining nine directors include seven independent directors, one from strategic investors' category and the bourse's chief executive officer, who would have voting rights. Earlier on Thursday, BSEC gave consent after much scrutiny to seven independent directors from a list of 14 names.
One independent director will be selected as chairman of the board at a meeting today.
A law on demutualisation was passed in parliament on April 29 last year, with a promise to bring transparency to the stockmarket. Demutualisation is a way of separating the management of the bourses from ownership. It transforms a stock exchange into a profit-oriented company owned by shareholders and ensures alternative business models and operational efficiency.
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