…consultants recommend, but board decides, says new CEO
(Trinidad Guardian) In a notice to the investment community dated November 19, Massy Holdings Ltd announced that it was reducing the size of its board of directors from 13 to nine with 70 per cent (six of the nine) being independent non-executive directors. That means four Massy directors—Peter Jeewan, Suresh Maharaj, Vaughn Martin, and Bruce Melizan—who were due to retire on rotation, would not be returning to the board, if the group’s shareholders accept the board’s recommendation at the company’s January 15, 2025 annual meeting.
“This revised board composition structure aligns with global best practices for large listed companies and is designed to enhance decision-making, accountability, and communication. A smaller, more focussed board, closely attuned to its stakeholders and markets, will be better positioned to continuously review its capabilities, consistent with the company’s strategic direction. This approach will enable the company to execute its international growth strategy more effectively and efficiently,” Massy’s corporate secretary, Wendy Kerry, stated in a circular letter to Massy’s shareholders, dated November 19.
