Regulatory Alerts2024-03-13
Added
DFIM Circular No. 02: Appointment of Independent Directors of a Finance-Company and their Duties, Responsibilities and Honorarium
This circular mandates that finance companies in Bangladesh appoint a minimum of two independent directors to a board of no more than fifteen members, subject to prior written approval from Bangladesh Bank. Candidates must possess at least ten years of experience, be between 45 and 75 years old, hold relevant degrees, and meet strict independence and integrity criteria. The document sets honorarium caps at 50,000 BDT monthly and 10,000 BDT per meeting, while assigning specific duties such as chairing the Audit Committee and ensuring regulatory compliance.
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