The securities regulator on Wednesday ordered dissolution of the board of directors of the scam-hit Fareast Islami Life Insurance Company, and appointed 10 independent directors to run it.
The Bangladesh Securities and Exchange Commission took the decision at a meeting on the day.
“The securities regulator has appointed the independent directors to protect the interests of the investors and policy-holders,” said BSEC officials.
According to the BSEC order, the restructured board will select Dr. Muhammad Rahamat Ullah its chairman.
Besides, the board will form two committees namely audit committee and nomination and remuneration committee comprising independent directors in compliance with the BSEC’s corporate-governance code.
The restructured board will also reconstitute the company’s top management while bringing back corporate cash…