Mini-stir at HNB AGM; Rusi, Amal overcome ouster move by Harry J

 

There was a mini-stir at the AGM of Hatton National Bank (HNB) yesterday with a vote taken on two Directors up for re-election.
The duo was shareholder director Rusi Captain (originally appointed in April 2012) and Independent Non-Executive Director Amal Cabraal of ex-Unilever fame (appointed in April 2014).
Since there were some shareholders who opposed the re-election, the item on the agenda was put to a vote. Insiders said shareholders representing interests of business tycoon Harry Jayawardena opposed the re-election.

However, following the vote those opposing could only muster slightly over 10% whilst others had secured around 24%, including some proxies.
Rusi Captain owns/controls over 8% of voting stake in HNB through stakes held by his father, respected senior business leader Sohli Captain, and sister Leesha Captain.
Harry Jayawardena’s hold on HNB is stronger, estimated to consist of over 15% of the voting stock though his actual control is debated. Sri Lanka Insurance holds 15%, EPF holds 10% and NSB holds 3%.
HNB last week announced the resignation of ex-Central Banker Dr. Ranee Jayamaha as Chairperson (first appointed in March 2011) and the appointment of another ex-Central Banker Rose Cooray as Chairperson until the Board was reconstituted. Cooray, who was appointed in February 2010, was also the Senior Director of HNB.

The HNB Board has several appointees from the previous regime. Among them are Dr. Willie Gamage (appointed in March 2011), Sujeewa Mudalige (appointed in March 2011) and Dr. Rohana Karunaratne (appointed in October 2011). Harry Jayawardena’s daughter D.S.C. Jayawardena (appointed in April 2012), Damien Fernando (appointed in April 2012) and MD/CEO Jonathan Alles form the rest of the Board.
Speculation is rife that Rienzie Arsecularatna PC will be appointed as the new Chairman of HNB whilst several new faces are likely to represent shareholding of State-owned entities.