BB sets age, remuneration for independent bank directors

The age of an independent director for a bank company must be between 45 and 75, with a monthly remuneration of Tk 50,000, according to Bangladesh Bank.

The Banking Regulation and Policy Department (BRPD) of Bangladesh Bank (BB) issued a guideline on Wednesday detailing the appointment of an independent director, duties and responsibilities, as well as remunerations applicable to bank companies of Bangladesh.

A senior official of the central bank said that the BB had never issued such detailed qualifications for an independent director in the past.

He pointed out that since an independent director does not own a bank, their eligibility and remuneration should be well defined. 

Earlier, the BB issued detailed guidelines on the members of the board of a bank company to ensure good governance in the banking industry.