Bangladesh Bank (BB) has mandated that directors of all banks must now attend board meetings in person, officially ending the "hybrid" meeting model that allowed virtual participation during the pandemic.
The central bank issued this directive through its Banking Regulations and Policy Department on Wednesday, instructing the top executives of all banks to implement the changes immediately.
During the COVID-19 pandemic, a hybrid model had been introduced to facilitate remote participation in board and subsidiary committee meetings. However, the new instruction cancels that allowance, citing the significant reduction in the pandemic's impact. According to the new directive, the only exception is for foreign directors in banks that are not fully owned by Bangladeshi entities. These individuals may still attend meetings online.
Banking sector insiders noted that this decision could pose challenges for certain Awami League-affiliated directors, including former ministers, MPs, and public representatives, many of whom are currently abroad. With the new regulation, these individuals will no longer be able to participate remotely from overseas or undisclosed locations. —UNB
