Richard Morin has been appointed as the Managing Director and Chief Executive Officer (CEO) of Pakistan Stock Exchange (PSX).
The sources said that The Securities and Exchange Commission of Pakistan (SECP) has given approval of the appointment of new MD of PSX. The Canadian-national Richard Morin is the first foreign national MD of the local bourse. The SECP gave approval of appointment of the new CEO on the recommendation of the board of directors of the PSX.
Currently, Haroon Askari is serving as the CEO of PSX whose tenure, as acting CEO, was extended till November 30, 2017.
Richard Morin may join PSX from December 1 or before this date as Haroon Askari will continue his job as Acting MD till November 30, 2017.
There is no official word from the SECP or PSX according to sources.
Despite all the opposition of the brokers and incomplete board of the PSX, the chairman Board of Director (PSX) sent proposals for the appointment of Richard Morin to the SECP after its last meeting held on September 24, 2017, and SECP approved the recommendations of the BoDs. Stockbrokers fiercely resisted the first-ever appointment of a non-Pakistani as managing director.
The SECP source said, “The Board of Directors of PSX unanimously recommended the appointment of Morin for the approval of SECP under the regulations which was approved by the SECP subject to completion of formalities.”
The Chinese PSX’s Board members Que Bo, Zhiping Rong, Yu Huali and Li Peng were very keen in his (Morin) appointment, the sources said.
The PSX official said, “All the directors have been appointed with the recommendations of the PSX board and the brokers,” therefore, there is no question of likes or dislikes. “They are members of the board, but Securities and Exchange Commission of Pakistan (SECP) and PSX board members are still looking for remaining one director, he added.
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.
He had served at Canadian stock markets and the Stock Exchange of Mauritius. Morin has also worked at several brokerage houses and asset management companies.
A month ago, 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, added the opposition members.