Pakistan Stock Exchange has notified that Mr. Haroon Askari will continue performing his duties as the CEO of stock exchange till November 30th, 2017.
The notification read that the hunt for appointing a new Managing Director is still ongoing and to continue smooth operations of the exchange, the Securities and Exchange Commission of Pakistan (SECP) in a letter dated October 26th, permitted Haroon Askari to continue his duties as Acting MD of the PSX.
Pakistan Stock Exchange (PSX) has nominated Richard Morin, a Canadian citizen, as its next Managing Director. He was endorsed by the Chinese investors as well. However, the decision to nominate him as the PSX Managing Director has been opposed by some local members and brokers.
Despite fierce opposition from the Pakistan Stock Exchange (PSX) brokers, the PSX’s board was planning to finalize the appointment of Richard Morin as Managing Director PSX, which is now delayed.
According to market rumors in September, Morin’s monthly salary was said to be around Rs. 3 million, and would be provided residential allowance, special perks and international travelling expenditures said some brokers and members.
Moreover, the opposition members also suggested that as he is an outsider, he will not be managing things according to “our national culture and particularly, the stock market culture”. This may prove to be a drawback in his management style, local members fear.