Quote:
Originally Posted by Navo
25%. Before reading the response of the Board of Directors, you should check out the Interim Report. Pages 3-6 and 8-12 talk about why the Commission was formed and its terms of reference while pages 18-21 detail the controversies surrounding the Commission.
In terms of the content itself, I think lay readers will find pages 22-46 most interesting as it chronicles the history of Grameen Bank, confirms its legal status and discusses its ownership.
It makes for very, very interesting reading and provides a lot of background - that is not well known to the vast majority of people.
|
I was disappointed that the commission minimizes the role on Dr. Yunus from inception of the bank to making the bank a success
On page 32 of the interim report:
Quote:
|
The Ordinance states that the [B]“net annual profit of the Bank … shall be utilised in such manner as the Board may determine”.120 Thus, the Ordinance contemplates that Grameen Bank would make profit from its business. However, there is nothing in the Ordinance which gives the shareholders any right to receive any part of the profits as dividend or otherwise. The Board may have discretion to divide profits or a part of it amongst its shareholders. The word “utilized” may suggest a different way of use or disposal of “profits” meaning that they should be used for generating more income rather than distributing the profits to shareholders. The Commission is of the view that it perhaps does not permit the payment of ‘dividends’ to shareholders as is expressly permitted under other laws or statute. It also does not preclude payouts to lawful stakeholders of Grameen Bank.
|
I feel that is a pretty twisted view that the share holders cannot get dividends, even if the board decides.
Anyway, here is a very interesting post on the interim report (discussing positives and negatives):
http://blogs.cgdev.org/open_book/201...ion-report.php
(check the comments in the blog as well)