On Monday, the regular Cabinet meeting chaired by Prime Minister Sheikh Hasina approved in principle the Bank Company (Amendment) Act 2017. Cabinet Secretary Mohammad Shafiul Alam told the media that a director can currently remain on the board for six years -- two consecutive three-year terms. However, after sitting out for three years, an individual can be once again made a director. "The amended law will allow them to serve for three consecutive terms, which means nine years. They can be reappointed after sitting out a three-year term," he said.The existing law does not allow more than two members of the same family to sit on the board, but the amended law would increase the number to four, said the Cabinet secretary.The clause relating to directors' tenure of the Bank Company Act, which was formulated in 1991, has been amended five times so far-- the last time in 2013.

Source: bd News24 May 08, 2017 08:48 UTC