Bangladesh Bank has issued a circular restricting the appointment of independent directors in non-bank financial institutions (NBFIs). The age range for eligible directors is now set between 45 and 75, with a maximum remuneration of Tk50,000. Prospective directors must hold higher education in fields like economics, banking, or law from recognized universities and cannot have conflicts of interest with the NBFI. Those listed as wilful defaulters are ineligible for five years. Each director’s tenure is three years, with a maximum of 15 directors per NBFI, including two independents. Attendance fees are capped at Tk10,000 per meeting, with limitations on participation in various committees. Additionally, nominees must be free of criminal convictions or involvement in financial fraud.
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