In a significant move, the government has proposed the appointments of Mohamed Shahid and Irufan Ali to the Board of Directors of Bank of Maldives Plc, addressing two vacant board member positions and the Chairperson role. This decision comes in the wake of a recent controversy surrounding the board's unilateral decision to limit foreign currency usage on debit cards issued by the bank.
The government had accused the board of directors of making this decision without proper consultation, describing it as a "financial coup." The backlash led to a reversal of the decision on the same day, following advice from the Maldives Monetary Authority, highlighting the need for greater alignment between the bank’s board and governmental regulations.
An Extraordinary General Meeting (EGM) is scheduled for September 21, 2024, where shareholders will have the opportunity to appoint the new directors. Shareholders must be registered by September 10, 2024, to participate in this critical meeting.
Both proposed candidates bring substantial experience and expertise to the table. Mohamed Shahid currently serves as the Chief Financial Officer at the Maldives Pension Administration Office and has held various senior positions within the Maldives Inland Revenue Authority. Irufan Ali has an extensive background in finance, having worked at the Ministry of Finance as the Project Director for Public Finance Modernization and Reform. Additionally, he is a chartered accountant, with a track record of professional experience dating back to 2018.
The reconstitution of the BML board is crucial as it currently consists of 11 members, with eight appointed by the government. This will mark the third Annual General Meeting (AGM) for the fiscal year, aiming to reinforce stability and address recent governance challenges within the bank.