COMBank, Seylan AGMs survive sans vote for re-election of Directors

The Annual General Meetings of Commercial Bank and Seylan Bank concluded yesterday without the excitement of a contentious vote for re-election of certain directors, in contrast to the bizarre outcome at their peer HNB’s gathering.

Despite the Prime Minister’s Office conveying that new appointments were in order in boards of commercial banks, at least one major state owned shareholder, EPF, hadn’t towed the line, analysts alleged. They said it was an unprecedented case of government entities not acting in concert, exposing a mini-government within the Government.  

However, minority shareholders hailed the outcomes at HNB, COMBank and Seylan AGMs, though the jury is still out there.

At COMBank, Chairman K. G. D. D. Dheerasinghe and S. Swarnajothi were eyed for removal but managed to be re-elected with enough proxies received. 

At Seylan Bank, Rear Admiral B. A. J. G. Peiris survived re-election sans a vote. Their places were at stake on account of their being appointed during the previous regime and the new Government was keen to replace them with some of their nominees. 

After much drama at HNB’s AGM on Wednesday, some expected a similar development, but the AGMs of both COMBank and Seylan went off smoothly. Some alleged that minority shareholders at COMBank jeered suspected parties who were clamouring to oppose re-election and pressing for a vote.