1st National Bank, having hosted its first national shareholders meeting since recently acquiring the local interests of the Royal Bank of Canada (RBC), has launched a search for its next Managing Director.
The island’s first indigenous bank held its 82nd Annual Shareholders Meeting last week, at which it also amended its laws to allow shareholders to participate in annual and general meetings through online means, thus allowing them a hybrid choice of either attending in person or by online platform.
The much-anticipated November 4 meeting, which was well-attended, heard updates from the Chairman and Board of Directors on the state of the bank’s affairs and directors responded to shareholders’ questions and concerns on agenda items and other related matters.
The meeting also featured elections to the Board of Directors, which one shareholder who attended said “featured levels of interest among shareholders that confirm the attractiveness of being a director” of 1st National Bank.
According to the shareholder, “The meeting was orderly and members left satisfied that the recent sudden resignation of the former Managing Director has not affected the bank’s business and it’s now behind us.”
Asked whether there was any discussion of the resignation issue, she replied, “It was not an agenda item; and besides, we were satisfied that in the interim, the Board (of Directors), the Executive Management and staff had taken care of business well-enough, with no complaints…”
She continued, “The next big task ahead now, is for the bank to invite applications for the Managing Director’s position, so that we can have a suitable candidate selected to keep taking 1st National Bank ahead in the direction we’ve been heading based on the growth that has characterized our institution since it was established in 1938.”
This article is a bunch of lies!! Clearly, the shareholder who spoke to the reporter was either at a different meeting, or is one of the current directors who has hi-jacked the bank but is posing as an ordinary shareholder for this article.
The Chairman did not respond to shareholders requests, but instead used scare tactics and all sorts of non sense to discourage shareholders asking questions!
The Board, specifically the chairman also blocked the attempt of a shareholder to serve as a director!
The report from the Acting MD made sooo many glowing references to the former MD and his stellar banking and leadership skills which made such a major impact on the Bank’s positive performance, it just provided further evidence that this resignation is suspicious. Not to mention, the chairman refused to answer any questions about it! It was not an agenda item, but the Chairman and his board of IMPS blocked the shareholders’ attempt to get an explanation!
This article was disturbing to read and is proof that the media CANNOT BE TRUSTED!! I notice that the writer did not share his/her name., and the “shareholder” chose to remain anonymous!! This is because they know that this report is WRONG and FULL OF LIES!!