[2008-06-09]  CAL Bank Saga •SSNIT Stops Afare Donkor
CITY & BUSNESS GUIDE can confirm that the Social Security and National Insurance Trust (SSNIT) kicked against the appointment of Afare Apeadu Donkor on the board of CAL Bank.
According to Ernest Thompson, General Manager in charge of Legal Affairs at the trust, the board of SSNIT did not favour the idea of Mr. Donkor, Ghana’s Ambassador to China on the board of CAL Bank. Speaking on CITI FM, an Accra-based radio station’s Breakfast Show last Friday, Mr. Thompson reiterated that the trust did not support the resolution of Mr. Donkor’s placement on the board of the indigenous bank.
Subsequently the trust kicked against the removal of Frank Adu Jnr., Managing Director of the bank, hence his retention.According to permutation, any decision by SSNIT, the largest shareholder with 26.63 percent may go in the way of the trust even though Mr. Donkor was voted onto the board by simple majority at last Thursday’s Extraordinary General Meeting (EGM).
Mr. Donkor on the other hand has 11.05 percent, so he stood at a position of not getting onto the board even if he got the support of the third largest shareholder, Danny Ofori with 7.70 percent since SSNIT was not in his favor. Speaking on CITI FM’s Prime News last Friday, Mr. Donkor, the founding father of the bank, explained that he would not pursue any agenda against the decision taken at the EGM.
“At least I have informed the public that shareholders’ right must not be taken for granted,” he reiterated.
Corporate governance structure is very fundamental in today’s management of business, especially in a Limited Liability Company, he added.
Meanwhile, the board of CAL Bank has commended shareholders for taking part in the EGM.According to Robert Ahomka Lindsay, Acting Chairman of the board, two resolutions called for by the requisition which went to poll were rejected by majority of the shareholders. This means Mr. Adu Jnr still keeps his post as the MD whiles Mr. Donkor failed to get onto the board of CAL Bank.

Source: Copyright © 2006 by Ghana Daily Guide