State Trading Organization’s (STO) Board of Directors proposed an amendment to the company’s Articles of Association, whereby the Managing Director of the Company is elected as the CEO.
The proposal was submitted in a meeting held with the shareholders on 31st March. The change was proposed in accordance with the Corporate Governance code by Capital Market Development Authority (CMDA). The proposal included election requirements and stated the roles and responsibilities along with the termination procedure for the CEO.
STO currently has only a Managing Director. Should the proposed change be approved, the title of the current MD will change to “MD and CEO”.
Additional changes were proposed to the company’s AOA. The changes will become effective after it is approved at the Annual General Meeting.
The proposed changes were publicly announced by STO and public shareholders were allowed to comment on the changes on 18th February.
