Reuben T Meade, former premier and leader of the United Alliance political party, will have to give up his seat with Bank of Montserrat’s board of directors next week.
A leaked letter from Premier Joseph E Farrell dated 17 July, told Meade that he can no longer represent the interests of the Government of Montserrat due to his electioneering.
The two-time chief minister was appointed to serve as a director to represent the government on the board of Bank of Montserrat in August 2022, and in April 2023 was reappointed, according the premier’s letter.
“At the time of your appointment you had indicated that you were no longer in active politics and as such you were seen as a neutral candidate,” Farrell wrote.
However, on 18 January, Meade circulated a WhatsApp message indicating that he was coming out of political retirement to contest the next general election, the premier continued.
In the letter, which was copied to Dalton Lee, chair of the board of directors at Bank of Montserrat, Farrell said, since then, the United Alliance leader has been “actively campaigning”.
The premier wrote that he waited “for some time” and did not receive a letter of resignation from Meade as a director on the board.
As such, he took the decision to inform Meade and the bank that effective 24 July his position will be revoked.
“I wish to thank you for the contribution you have made to the banks operation over the period that you have served as a director,” Farrell ended.
Bank of Montserrat was incorporated as a limited liability company on 3 May, 1988, and became the island’s first indigenous commercial bank.
One of the founding members, Hensey Fenton, was the first manager when the bank opened in the Wade Inn building in Plymouth with less than a dozen staff members.
In 1990, the bank moved to more spacious accommodation at the corner of Chapel and Parliament Streets.
Today, Bank of Montserrat, now located in Brades, is the leading financial institution on the island.
The board of directors is made up of a chair, a corporate secretary and nine other directors.
