The three vacant directorships of the NDB Bank were unexpectedly not filled at the Annual General Meeting (AGM) held on Tuesday.
Last week, the market expected one of NDB’s major stakeholders, the Sri Lanka Insurance Corporation (SLIC), to get a board position at the AGM while other state agencies – the Employees Provident Fund (EPF) and the Bank of Ceylon (BOC) – would seek two board positions later. “There was no indication whatsoever with regard to new appointments at the AGM,” an NDB employee who attended the AGM told the Business Times.
At present, Dr Sena Yaddehige (with a 5% stake in NDB Bank) is the only government nominee director at the bank in which state agencies have a total stake of little over 31%.
Current directors are P.M. Nagahawatte (Chairman), Hemaka Amarasuriya, Trevine Jayasekara, A.R. Gunasekera, Richard Vokes, N.S. Welikala, G.C.B. Wijeyesinghe and Lal de Mel. The last three-mentioned directors announced their intention not to seek re-election at the AGM to enable ‘certain shareholder interests to be represented on the NDB board’.
According to banking sources, state institutions are yet to discuss their representations at NDB. “We may appoint in the future, but as of now there hasn’t been any discussion with regard to this,” the source said. |
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