A former Director General of the Securities and Exchange Commission (SEC) Dr. Adu Anane-Antwi has bemoaned a provision in the Securities Industry Act 2016 that gives power to the president to revoke the appointment of members of Board of Directors without explanation.
According to him, the provision compromises the independence of the board of the commission since dismissed members may not have an opportunity to know what caused their removal.
Speaking to Citi Business News after a lecture on the Securities Industry Act 2016, Dr. Adu Anane-Antwi warned that the law could be abused.
“The first provision in the previous law set out the conditions under which the president may revoke the appointment. It’s said that, it must be done with give reasons, but now there is no reason, and that is my challenge”.
“If there is no reason then the independence of the board is now weakened. The guarantee of the board is weak. Previously, the president can remove you but on stated ground,” he added.
Dr. Anane-Antwi maintained that the board is a critical component that must be encouraged to deliver its duty smoothly.
Dr. Anane Antwi recounted that all efforts aimed at getting the provision out of the bill before its passage proved futile.
By: Lawrence Segbefia/citibusinessnews.com/Ghana