DSE to elect two new shareholder directors

FE REPORT | Tuesday, 22 November 2022

The Dhaka Stock Exchange (DSE) will hold an election to two posts of shareholder director on December 22, as the three-year tenure of two directors will expire this year in line with the demutualisation scheme.
The voting will take place at 10:30am to 3:30pm without any break at the DSE Tower in Nikunja-2.
Md Shakil Rizvi, managing director of Shakil Rizvi Stock Ltd, and Mohammad Shahjahan, managing director of Jahan Securities Ltd, will stand down from the board. They will, however, be eligible for re-election for the positions, officials said.
The three-member DSE election commission headed by retired Justice Md Abdus Samad declared the election schedule.
The final voter list will be published on the DSE website on December 1, while nomination papers should be collected between November 28 and December 1 at the expense of Tk 25,000 and submitted by December 1.
Candidates will be allowed to withdraw candidature until December 11, and the DSE election commission will publish the final list of candidates the day after.
This year's newly-elected directors will join the 13-member board at the bourse's 61th annual general meeting scheduled for 26 December.
As per the demutualisation scheme, the 13-member board should comprise seven independent directors, four shareholder directors, one from strategic investors' category and the bourse's managing director.
Before the demutualisation nine years ago, shareholder directors comprised a majority in the board of directors at the DSE, which was why they could influence the exchange's operations.
The scheme was approved by Bangladesh Securities and Exchange Commission (BSEC) in 2013, aimed at separating management from owners to ensure transparency in the operations of the primary bourse.
Prior to demutualisation, Bangladesh's stock exchanges were non-profit cooperative organisations owned by the exchange members who are usually stockbrokers.
Meanwhile, the board of directors of the DSE has declared a 6 per cent cash dividend for the year ended in June.
The final approval of the dividend will come in the 61th annual general meeting to be held on December 26.
The prime bourse has also reported earnings per share of Tk 0.69, net asset value per share of Tk 10.79 and net operating cash flow per share of Tk 1.06 for the 12 months through June.

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