Friday, January 19, 2018

2 more leave First Citizens board

 Two members of the First Citizens board of directors, John Tang Nian and Anthony Mohammed, have resigned. Tang Nian’s resignation was effective from June 12, while Mohammed’s was June 13, a release from the Trinidad and Tobago Stock Exchange said yesterday.

These two resignations add to positions expected to be filled when shareholders meet at a special general meeting to elect new board members today at 10 a.m. in the lobby of Queen’s Hall, St Ann’s. 

The meeting was called by Corporation Sole (the Government as represented by the Minister of Finance), who, with 80 per cent of the company, is its largest shareholder. 

Finance Minister Larry Howai has nominated former attorney general Anthony Smart to be chairman. 

Smart will replace former chairman Nyree Alfonso, who retired from the board at the bank’s annual general meeting on May 12.  

Howai nominated five other members to the board: Witco managing director Jean-Pierre du Coudray; chief executive of Trinity Exploration Joel Pemberton; deputy permanent secretary at the Ministry of Finance and the Economy Michelle Durham-Kissoon; attorney and senior partner in Pollonais and Blanc Courtenay Williams; and CEO of the Land Settlement Agency Hazar Hosein.

Four directors will replace the four who exited the company following the AGM in Port of Spain.  

Shareholders had also voted to increase the board to 15, with one member being from the Chamber of Commerce and another from the Trinidad and Tobago Manufacturers’ Association (TTMA). The names of these nominees are yet to be released. 

Howai, as Corporation Sole, can vote his nominees on to the board because of the ministry’s 80 per cent shareholding, as in the last AGM when his representative, Permanent Secretary in the Ministry of Finance Vishnu Dhanpaul, voted out two directors, Shobee Jacelon and Marlene Juman, and put it on the record that the Corporation Sole would not have supported Alfonso or Rishi Baddaloo (who had also not offered himself for re-election) back on the board.

The current members of the board are Anil Seeterram (deputy chairman), Larry Nath (chief executive officer), Ved Seereeram, Ramish Ramanand, and Vishnu DK. Musai.                 —Carla Bridglal