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Dhaka Stock Exchange (DSE) has initiated a move to reconstitute its board of directors with inclusion of new non-broker policy-makers from Bangladesh Bank which is the central bank, the Investment Corporation of Bangladesh (ICB) and the finance ministry.
The Ministry of Defence is also included in the DSE list.
"We have already sent letters to the authority concerned to nominate the representatives from their respective institutions, and of them, ICB, the largest institutional investor in the stock market, has replied in the positive," Senior Vice President of the DSE Ahmad Rashid told the FE Sunday.
He said the new move would help strengthen the DSE board of directors, which comprises 24 members (12 brokers and 12 non-brokers).
Currently, the 12 non-brokers represent the chairman of the Bangladesh Association of Banks, the president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the president of the Supreme Court Bar Association, one government representative not below the rank and status of joint secretary, the president of the Bangladesh Association of Publicly Listed Companies (BAPLC), the president of the Dhaka Chamber of Commerce and Industry (DCCI), a professor of the Department of Finance of Dhaka University, the Chairman of the Bangladesh Insurance Association, and a professor of the Computer Science and Engineering Department of the Bangladesh University of Engineering and Technology (BUET).
The list also includes presidents of the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) and one representative from investors.
"We have decided to drop four of the non-broker policy-makers from the board of directors as they contributed very little in the board meetings of our bourse in the last few years," another DSE source told the FE without mentioning the names of the non-broker directors.
He said the DSE feels that the representatives from the central bank, the ICB and the finance ministry would bring much more positive results in day to day functions of the board of directors of the bourse.
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