CalBank PLC has refuted claims of director dismissals, clarifying that recent changes to its Board are part of the routine statutory and regulatory governance process.
According to the bank, three independent, non-executive directors—Mr. Ben Barth, Dr. Cynthia Forson, and Mr. Richard Arkutu—retired by statutory rotation during the bank’s 2024 Annual General Meeting (AGM) held on September 4.
Mr. Barth opted not to seek renomination following the expiration of his tenure, while the terms of Dr. Forson and Mr. Arkutu concluded at the AGM. CalBank expressed appreciation for the exceptional contributions made by all three directors during their time on the Board.
However, the reappointment of directors has been delayed due to an injunction filed by two minority shareholders, which aimed to halt the consideration of certain resolutions at the AGM. The bank is now preparing for an Extraordinary General Meeting (EGM) to appoint new directors and restore the full Board, in line with governance standards.
CalBank also highlighted that a significant portion of its current challenges stems from legacy issues, and the Board has taken measures to improve risk management and clean up the balance sheet, positioning the bank for future success.
