Following the resignation of the independent directors from the bourses, as directed by the newly constituted BSEC under the Yunus Administration, concerns have been raised by the DSE Brokers Association and shareholder directors. They argue that the appointment of new independent directors may not proceed normally since the Nomination and Remuneration Committee (NRC), which comprises five independent directors responsible for appointing directors, is currently absent due to these resignations. Additionally, they contend that it would be inappropriate for the BSEC to appoint independent directors directly, given that the DSE is a private company.
The appointment of independent directors is crucial under the 2013 Board and Administration Regulations, which require at least one-third of the 13-member board to be present as a quorum for decision-making, with independent directors forming the majority. In response, the BSEC chairman and commissioner assured that shareholder directors can nominate candidates within legal provisions, with a maximum of two names allowed for each position.
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