The publication of a letter recently by Director General of SSNIT about the serious corporate governance flaws at HFC  Bank and composition of the board, has not gone down well with its Managing Director, Asare Akuffo.

The state pension trust , SSNIT in statement last week maintained that it wants to go ahead and remove some directors on the board of HFC Bank because they do not serve the interest of shareholders.  

But in a letter to respond to the concerns raised by the Director General of  SSNIT, Enerst Thompson, Managing Director of  HFC, Asare Akuffo  said the current Executive Directors  have been duly elected,  by the HFC Bond and approved by  the shareholders  of the bank.

Mr. Akuffo also adds that the current composition of the  HFC board,  that is non-executive members, which makes up at least  two-thirds of board,  is in compliance  with the applicable Ghanaian law and any other relevant  corporate governance standard  or  best practice.

HFC  bank currently has three  executive  directors including  the Managing Director Asare Akuffo   and seven  non-executive directors  out of a total number of 10  directors.

He further argued that, it has been  the practice  the any two shareholders with a minimum aggregate shareholding of  either 12.5  or 25 percent can collaborate to appoint a director or directors .

Mr. Akuffo concludes his letter by maintaining that, "there is no vacancy on the HFC Board  as it is currently  constituted".

"The  Maximum of 11  is a ceiling   and not a mandatory legal  requirement on the number of  directors  for HFC bank.  There is therefore, no pressing need  to have the full complement  of the 11 directors", he maintains.

But when contacted, a source close to  the senior management of SSNIT says that they will not respond to  the latest comments by HFC MD Asare Akuffo unless in court or during the extraordinary meeting on the matter.