The Dhaka Stock Exchange (DSE) has submitted seven nominees for independent director positions to its board after the resignation of six independent directors due to political changes. This step aims to restore board functionality as directed by the Bangladesh Securities and Exchange Commission (BSEC). The list includes candidates from various professional backgrounds, and additional nominees are expected to be submitted soon. The DSE board, which also includes shareholder directors, a strategic investor, and the managing director, has been non-functional since August 20 due to the resignation of independent directors. The Chittagong Stock Exchange (CSE) has not yet finalized its nominees.
The BSEC has allowed exchanges to recommend their own independent directors despite the absence of a Nomination and Remuneration Committee (NRC). This move addresses concerns that the regulator might otherwise appoint politically affiliated individuals. The DSE needs to appoint six more independent directors to fully restore its board. Shareholder directors are urged to ensure the new appointees act independently and prioritize the interests of investors and the capital market.
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