A 10-member director’s board for the Bank of Maldives was constituted at its Annual General Meeting (AGM) on Saturday night, reports SunFM.
Three members were elected to represent public shareholders while seven were appointed by the government.
Of four candidates contesting for the three public representatives, former State Trading Organisation CEO Ahmed Mohamed won the highest number of votes, followed by Mohamed Abdul Sattar, Manchangoalhi Tulip, and former director at the Finance Ministry Ibrahim Mohamed, Noonu Holhudhoo Nelam.
While current Chairman Adam Ibrahim, Maafanu Asrafeege, retains his post, the other government appointees include Aishath Noordeen, Maafanu Thaagidhoshuge, Jaisham Ibrahim, Manchangoalhi Anuma, Assad Ali, Maafanu Vaarevila, Azban Fahmy, Maafanu Finivaage, Hassan Muzny, Galolhu Atha, and Nuha Mohamed Riza, Henveiru Meerubahuruge.
Despite the government’s claim that a provision in the bank’s code of governance that excludes the government from voting to elect members violated the Companies Act, the Chairman overruled the objection, insisting that BML’s articles of association were in order and that minority shareholders had to be protected.
Local daily Haveeru meanwhile reports that concerns of disgruntled shareholders were not addressed at the meeting, frustrating many of the 340 in attendance.
While the bank recorded profits of Rf49 million (US$3.8 million) last year the director’s board decided not to issue dividends based on BML’s financial straits.
BML profits in 2009 fell by Rf220 million (US$17.1) from the previous year.