CBK announced at the KSE this morning that it's board had tendered its resignation effective as of the next ordinary general shareholders' meeting ("OGM") Shareholders may submit the names of prospective candidates for election during the period 17 January through 31 January.
No reason was given for the mass departure. You'll recall that two board members have already resigned: Fouad Dashti and Ahmad Muhammed Mishari.
The current Chairman and MD, Abdul Majeed AlShatti, has been on the Board since 2000 and Chairman/MD since 2004.
So this is a rather significant development.
Given the woefully inadequate disclosure at CBK's website, it's not clear when the last board election took place. If board terms were expiring, board members could take the more politically correct stance of not standing for re-election. They are not. (As an aside, AlQabas has several articles in today's issue about lack of transparency, inadequate regulations and lax supervision being the "father" of the problems in the Kuwait Stock Exchange. One particularly interesting article is here and not just for its title -----------" صمٌ بكمٌ عميٌ لا يفصحون")
When an entire board resigns, that is generally a sign of a very serious issue. There have already been two resignations in the past month which was the first wave. Perhaps, the 2009 financials will shed more light.
Given the woefully inadequate disclosure at CBK's website, it's not clear when the last board election took place. If board terms were expiring, board members could take the more politically correct stance of not standing for re-election. They are not. (As an aside, AlQabas has several articles in today's issue about lack of transparency, inadequate regulations and lax supervision being the "father" of the problems in the Kuwait Stock Exchange. One particularly interesting article is here and not just for its title -----------" صمٌ بكمٌ عميٌ لا يفصحون")
When an entire board resigns, that is generally a sign of a very serious issue. There have already been two resignations in the past month which was the first wave. Perhaps, the 2009 financials will shed more light.
Below is the announcement from the KSE.
[10:2:21] ِ.استقالة اعضاء مجلس ادارة البنك التجاري الكويتي
يعلن سوق الكويت للأوراق المالية بأن البنك التجاري الكويتي
افاد بأن اعضاء مجلس الادارة في اجتماعهم المنعقد بتاريخ 12
يناير قدموا استقالتهم اعتبارا من تاريخ انعقاد الجمعية العمومية
العادية لسنة 2009 كما قرر مجلس الادارة في نفس الاجتماع
فتح باب الترشيح لعضوية مجلس الادارة اعتبارا من يوم الاحد
الموافق 17 يناير 2010 ولغاية يوم الاحد 31 يناير 2010
حتى يتسنى اتمام الاجراءات الرسمية وتحديد موعد انعقاد الجمعية
العادية لسنة 2009 ليكون موعدا لانتخاب مجلس الادارة الجديد.
يعلن سوق الكويت للأوراق المالية بأن البنك التجاري الكويتي
افاد بأن اعضاء مجلس الادارة في اجتماعهم المنعقد بتاريخ 12
يناير قدموا استقالتهم اعتبارا من تاريخ انعقاد الجمعية العمومية
العادية لسنة 2009 كما قرر مجلس الادارة في نفس الاجتماع
فتح باب الترشيح لعضوية مجلس الادارة اعتبارا من يوم الاحد
الموافق 17 يناير 2010 ولغاية يوم الاحد 31 يناير 2010
حتى يتسنى اتمام الاجراءات الرسمية وتحديد موعد انعقاد الجمعية
العادية لسنة 2009 ليكون موعدا لانتخاب مجلس الادارة الجديد.
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