Professor Yunus remained as Managing Director of Grameen Bank from the ages 60 through 71 as a result of the board decision of Grameen Bank. The Grameen Bank Ordinance empowers the board of the bank to take all decisions relating to the appointment of the MD and the conditions of the MDs employment including salaries and benefits.
On 20.07.1999, in the 52nd meeting of the Board of Directors of Grameen Bank, decision was taken to retain Professor Yunus as the Managing Director of Grameen Bank and a board resolution was unanimously (including the votes of the 3 government representatives) voted and agreed upon on this regard. Hence, the government was aware of Professor Yunus staying on as MD beyond the age of 60.
The Bangladesh Bank raised a question about Professor Yunus remaining as MD beyond the age of 60 in its Detailed Inspection Report in 2000.
GB management explained to Bangladesh Bank, during a meeting, on 15.01.2002 whose proceedings were recorded through signed minutes, that it is within GB's rules and with GB board's decision that he could continue as MD. At this meeting, a decision was taken that if GB provided Bangladesh Bank with a set of the relevant documents, then it would be taken that the issue has been resolved. GB accordingly provided Bangladesh Bank with the required documents.
Bangladesh Bank has never raised this issue from that time on and since then, every year, in its yearly Detailed Inspection Report, Bangladesh Bank stated that there were no outstanding issues to be resolved. Bangladesh Bank never again raised the issue of Professor Yunus' tenure as MD of GB and the terms and conditions of his tenure.
He enjoyed financial and housing benefits as per Grameen Bank salary scale. He never took any additional benefits from the bank.
Wages Earned from Overseas
Professor Yunus' prize monies, speech fees, and sale proceeds of his books published and sold around world have always come to Bangladesh through proper banking channels.
Every year all information about his income has been submitted, and all taxes paid wherever applicable, to the government. The NBR has never raised any question regarding his tax returns.