Yesterday's retirement of two directors from the board of First Citizens and the removal of two others mark an important step forward for the state-owned bank as it tries to move on from the IPO scandal of the past several months.The Government, through its representative at the First Citizens AGM, Vishnu Dhanpaul, permanent secretary in the Ministry of Finance, signalled by its actions that it is prepared to wipe the slate clean so that the bank can begin the process of rebuilding its image and regaining public trust.
In a surprise move, chairman Nyree Alfonso, who for several months seemed to be resisting calls to step down, did not offer herself for re-election at the AGM. Neither did another director, Rishi Baddaloo. The two appeared to have been offered a brief window of opportunity to make their exit under their own steam.That left two other board members–Shobee Jacelon and Marlene Juman, the permanent secretary in the Office of the Attorney General–whose re-elections were not supported by Mr Dhanpaul, acting on instructions from the Government, the majority shareholder.
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