Bank of The Bahamas Limited moved to extend the time allowed for nomination of two additional directors by minority shareholders at its Extraordinary General Meeting held on Thursday night at the British Colonial Hilton Hotel.

In late June minority shareholders were given the opportunity to submit nominations for two seats on the Board of the Bank. The Bank said that judging by the results so far it appears that the time may have been too short to allow shareholders to fully consider and submit nominations for eligible candidates.

"The Bank’s articles currently allow only a very short window to receive and review nominations; therefore, we have introduced a motion to amend the Articles of Association to extend the nomination period," said Richard Demeritte, Chairman of the Board, Bank of The Bahamas Limited. This motion was carried at the EGM, giving minority shareholders until October 1, 2016 to submit nominations, preceding the Annual General Meeting.

Mr. Demeritte said the nomination of directors by minority shareholders is a part of the ongoing transformation of the Bank that began in earnest earlier this year by BOB Executive and Senior Management. Over the past few months, he said the Bank has made considerable progress and strides including a revamped process for collection of impaired assets; the reengineering of the loan approvals process, the provision of broader payment solutions for Government and public agencies; and identification of cost saving opportunities.

"We also look forward to the representation of minority shareholder interests which will commence with the nomination and confirmation of the additional two directors," Mr. Demeritte said.

Photo Caption:

BOB EGM – Chairman Richard Demeritte addresses BOB’s Extraordinary General Meeting. Also pictured from left are: Laura Williams, Corporate Secretary, BOB; Michele Pindling-Sands, Partner, Graham Thompson; and Renee Davis, Acting Managing Director, Bank of The Bahamas Limited.