NetSol Expands Board

Shareholders of NetSol Technologies Inc. elected two new members to the board of directors at the company’s annual meeting on Tuesday. Shareholders of the Calabasas software developer for the vehicle and equipment leasing markets also re-elected five current board members and passed a non-binding advisory measure on compensation for the executive officers with 62 percent of the vote. The two new board members are Malea Farsai, the company counsel for nearly 20 years who served on the team that took the company public in 1999; and Henry Tolentino, an executive with 30 years in the auto finance industry before joining NetSol’s advisory board in September to provide strategic advice to the senior management. Each received more than 90 percent shareholder approval. Chief Executive Najeeb Ghauri, one of the five re-elected board members, said the voting results were a strong vote of confidence in the company’s recent success as well as its long-term vision. “With Henry’s and Malea’s confirmations to our board of directors, we have not only given a refresh to the board’s makeup, we’ve also added a greater breadth and diversity of experience,” Ghauri said in a statement. Shares in NetSol (NTWK) closed down 5 cents, or just less than a percent, to $5.95 on the Nasdaq.