‘Promoters representing in the BODs can buy or sale shares’: Insurance Board

Kathmandu: The Insurance Board(IB) has paved the way for the institutional shareholders of insurance companies to buy and sell promoters shares even if they are represented in the Board of Directors(BODs).

By issuing the first amendment of the Corporate Good Governance Directives of Insurers 2075, provision has been made that the institutional shareholders who have appointed member of BODs with institutional representation will not be hindered from buying and selling with the prior approval of the IB.

Earlier, there was a provision that the promoters of the insurer could not sell the promoters shares even if while assuming the responsibilities of BODs or even after one year of completion of their tenure as members of BODs.

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