CalBank PLC has clarified that no directors have been dismissed, contrary to recent reports. The bank explained that recent changes to its Board are part of the routine statutory and regulatory governance cycle.
Three independent, non-executive directors — Mr Ben Barth, Dr Cynthia Forson, and Mr Richard Arkutu — retired by statutory rotation at the bank’s 2024 Annual General Meeting (AGM) held on September 4, 2024.
Mr Barth chose not to seek renomination after his tenure expired, while the terms of Dr Forson and Mr Arkutu concluded at the AGM.
The bank acknowledged the exceptional service provided by all three directors during their tenure. However, the process of reappointing directors has been delayed due to an injunction application filed by two minority shareholders, which sought to halt the consideration of certain resolutions at the AGM.
CalBank is now preparing for an Extraordinary General Meeting (EGM) to appoint new directors, ensuring the full complement of the Board is restored in accordance with governance standards and regulations.
The bank also noted that a significant portion of its current challenges are legacy-related. The Board has proactively taken steps to strengthen risk management, clean up the balance sheet, and guide the bank towards future success.
