Two outgoing shareholder directors at the Dhaka Stock Exchange were reelected for the posts for the next three years until 2025 as no one else came forward to compete with them.
The election went uncontested as Md Shakil Rizvi, managing director of Shakil Rizvi Stock, and Mohammad Shahjahan, managing director of Jahan Securities, were the only ones who submitted nomination papers before the deadline - December 1 - and the documents were valid, according to a statement posted on the DSE website.
No one of them withdrew candidature within December 11, the last day set to do so.
The three-member election commission of the DSE headed by retired Justice Md Abdus Samad declared the results, unofficially.
According to the Article 153 of the Articles of Association of DSE, "When the number of candidates does not exceed the number of vacancies to be filled, no ballot shall be necessary and such candidates shall be deemed to be duly elected".
Therefore, Mr Rizvi and Mr Shahjahan have been declared as shareholder director in the DSE board of directors. An official announcement will be made at the 61th annual general meeting scheduled for December 26.
On November 13, the DSE election commission declared the election for the positions of shareholder director as Mr Rizvi and Mr Shahjahan were about to exit the board this year in line with the demutualization scheme.
However, they were eligible to vie for the posts again.
As per the demutualisation scheme, the 13-member board comprises seven independent directors, four shareholder directors, one in the strategic investors' category, and the bourse's managing director.
Before the demutualisation nine years ago, shareholder directors took up a majority in the board of directors at the DSE, which was why they could influence the exchange's operations.
Back then, the stock exchanges were non-profit cooperative organisations owned by the exchange members who were usually stockbrokers.
The scheme was then approved by the Bangladesh Securities and Exchange Commission in 2013, aimed at separating the management from owners to ensure transparency in the operations of the primary bourse.
Meanwhile, the board of directors of the DSE has declared a 6 per cent cash dividend for the year ended in June.
The final approval of the dividend will come at the upcoming AGM.
The prime bourse has also reported earnings per share of Tk 0.69, net asset value per share of Tk 10.79 and net operating cash flow per share of Tk 1.06 for the 12 months through June.
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