The newly constituted board of the Pakistan Stock Exchange (PSX) has held its first meeting on Thursday.
Twenty names were forwarded to the Securities and Exchange Commission of Pakistan (SECP) for seven seats of independent directors, including one female director. The list also included the names of four existing independent directors.
The twenty names forwarded to the SECP include Masud Naqvi, Hussain Lawai, Zafar Sobhani, Shabbar Zaidi, Zubair Palwala, Najeeb Ghori, Maliha Bangash, Yun (Chinese national), Usman Asghar, Amjad Pervez, Razi ur Rahman, Qadir Memon, Ali Naqvi, Ali Sultan, Suleman Mehdi and Naz Khan.
The newly-elected shareholder directors including Zhiping Rong, Que Bo, Yu Huali and Shahnawaz Mahmood belong to the Pak-China Investment Company Limited (PCICL) – the strategic investor.
Mr Mahmood has replaced Mr Li Peng who resigned from the post of Managing Director PCICL. The local shareholder directors are Ashraf Bhawani, Ahmed Chinoy and Abid Ali Habib.
Existing independent directors – Shehzad Chamdia, Shehzad Dada, Munir Kamal and Moin Fudda – were part of the process to complete the quorum of Board meeting.
The directors were elected on behalf of the PSX shareholders for a period of three years. The election was scheduled to be held at an extraordinary general meeting (EOGM) on April 19.
Meanwhile, a senior official of the SECP said that the final decision will be taken by the Ministry of Finance in consultations with the commission.
SECP and PSX were engaged in a struggle over the bourse’s board of directors’ election. But due to opposition from broker directors, together with some independent directors, the process was thrown into chaos.
Previously, the Pakistan Stockbrokers Association had expressed concerns that nomination of existing independent directors would be a conflict of interest as they were forwarding their own names.