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.”