Hamdieh said the board had been disbanded by a resolution she passed as the sole shareholder in recent weeks so that elections for a new board can take place on 20 February and is a normal process for an association.
The co-founder, who is widely respected within the financial services industry in the UAE, explained that because the association was relatively small when it started it was not practical to hold elections to decide on the board members. She added that as the association has grown substantially it is now more feasible and necessary to hold elections to decide on those who will represent the members.
Hamdieh said she hopes to have around five or six board members but that this will depend on the number of people who put themselves forward.
Launched last year, the UAE Financial Services Association is a cross-sector trade body which aims to represent the views of the industry to regulators and law makers and to bring about positive change in the industry. The group recently published its five year “roadmap” setting out a number of specific areas it hopes to address in the coming years.
For more on this story see the February edition of International Adviser.
