With two seats at BML's Board of Directors soon to be vacant, the bank is seeking two Directors to represent General Shareholders and has extended the application window until June 9.
Bank of Maldives (BML) has opened the application window for Directors representing General Shareholders on the BML Board.
During the Annual General Meeting held on Tuesday night, three members were appointed to the Board; Ahmed Mohamed, Ibrahim Mohamed, and Abdulla Naseem. However, the terms of Ahmed Mohamed and Ibrahim Mohamed are set to expire in July. Consequently, the bank has extended the application window for Directors to fill these two seats.
Article C in Act 5 of the Regulation on Corporate Governance for Banks, Insurance Companies and Finance Companies stipulates that Independent Directors cannot serve the Board longer than a period of four years.
BML stated that individuals interested in the position of Director representing General Shareholders can submit their applications to the company's Corporate Affairs Unit before June 9.
Currently, nine out of eleven seats at the Board are occupied.
These nine seats comprise three members elected from the General Shareholders and six members appointed by the State. Hassan Zareer, who previously held the position of Chairperson at the bank, recently resigned following parliament approval to assume the position of Commissioner General of Taxation at the Maldives Inland Revenue Authority.
BML has determined to organize another Extraordinary General Meeting (EGM) to appoint a new Chairperson, two Directors representing General Shareholders as well as two Directors nominated by the State to their Board. The bank had also hosted an EGM last March to appoint two Board Members nominated by the State.
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