Nigeria Stock Exchange NSE don plan to move the tenure of Board of Trustees of the Investor Protection Fund IPF, go two term for four years.
The Exchange sey dem need mek the tenure long so that the Board go fit continue their work and the Security Exchange Commission no get anything to talk for the matter.
Dem go check the exchange Rule 26.3 of IPF Rule so that dem fit give better government and management of the fund.
The amendment rule wey dey for the Exchange for section 1992 of Investment and Securities Act 2007 (ISA) sey e give the member Board of Trustee of IPF mek dem dey for four year, but e dey silent for re-appointment of Board of Trustee for another tenure.
E sey “For the reconstitution of IPF for 2012, dem appoint nine people for IPF Board. For the meeting wey dem hold for September 2016, the Board talk mek the member continue their tenure, na only one Board member tenure go end.
“Mek the IPF Board tell SEC sey dem don re-appoint some of their member so that the people fit continue their work. Management tell SEC, and SEC accept the Board member wey dem re-appointment so that the Board fit continue, dem advice Exchange mek dem amend IPF Rule for re-appointment of some member so that the Board fit continue”.
Posted: Business News