Bangladesh President Zillur Rahman has brought in a new law which will limit the power of the independent directors of Grameen Bank. The presidential decree also grants a government-selected chairman the ability to pick a new managing director to take over the micro-lender bank from founder Muhammad Yunus. Critics of this new law are worried that only pro-government candidates will make it through the selection process. Mohammad Yunus was officially fired last year for exceeding the mandatory retirement age of 60. He had previously challenged this policy in the Supreme Court, but lost.

Mohammad Yunus  can be defined as a social entrepreneur who targeted an unfortunate but stable equilibrium that had previously caused suffering in his home of Bangladesh. He established the first micro-lending bank called Grameen Bank, which is classified as a social enterprise that has a social and economic impact on its community. His forced retirement is an unfortunate incident but the social enterprise that Mohammad Yunus developed will have an extremely long-lasting impact on the citizens of Bangladesh.

“Mohammad Yunus”. <http://links.org.au/node/1955>