Govt removes addl secy Azimuddin from ICB board
The government has removed Azimuddin Biswas, an additional secretary at the Financial Institutions Division (FID), from his position as a director of the Investment Corporation of Bangladesh (ICB), a state-owned firm listed on the stock exchanges.
Relieving him from his role as director of ICB, previously nominated by the government, the FID issued a notification on 8 January, which took immediate effect.
According to ICB, Azimuddin Biswas was appointed as a director of the ICB on 27 January 2022.
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The ICB is a state-owned entity primarily responsible for stock investments. The government owns a major stake in the investment bank of 27%.
According to the ICB Act, ICB's board is to be formed with 10 members, while the government will appoint its chairman, managing director, and two directors from government officials to the ICB board.
Other directors will be from the Bangladesh Development Bank, and other directors will be elected by its shareholders.
Except for the nomination of the government, managing directors of four state-owned banks are serving as directors at ICB, while the managing director of Sadharan Bima Corporation and an executive director of Bangladesh Bank are also serving as directors on the ICB board.
