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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 entity listed on the stock exchanges.
The decision, communicated through a notification issued by the FID on January 8, took immediate effect, relieving Biswas from his director role at ICB. His appointment as a director had been made on January 27, 2022, at the government's discretion.
The ICB, primarily responsible for managing state investments in the stock market, is majority-owned by the government, which holds a 27% stake. The corporation's board, as stipulated in the ICB Act, consists of 10 members. These include the chairman, managing director, and two directors appointed from government officials, alongside other directors from institutions like the Bangladesh Development Bank and elected shareholders.
In addition to government-appointed directors, the board features the managing directors of four state-owned banks, as well as the managing director of Sadharan Bima Corporation and an executive director from Bangladesh Bank.
The government’s latest move is seen as part of its ongoing governance reforms aimed at ensuring effective oversight and management of state-run financial institutions.