Govt. proposes local banks board member term reduction

Maldives government has proposed amendment to the country's Banking Act to reduce the term of the board of directors in local banks.

According to the current regulations under Maldives Banking Act board of directors are elected through the annual general meetings of respective banks for a term of four years. Elected members can be re-elected for a second term.

Gemanafushi MP Jameel Usman proposed to reduce the board of directors term from four to three years.

The lawmaker had also proposed to revisit the age limit under board of directors criterion. The original law dictates that board members should be aged between 30 to 70 years, however the amendment cites members aged between 25 to 65 are compatible.