The Pakistan Stock Exchange (PSX) is expected to decide the fate of its serving Managing Director, Richard Morin, during the ongoing week.
The PSX board of directors had issued a show-cause notice to Morin, a Canadian national, about 15 days ago and gave him a 15-day deadline to submit reply and explain his position whether he was serving in a Canadian company while simultaneously heading the PSX.
According to a local newspaper, “PSX received his reply on Wednesday or Thursday. The chairman is likely to summon a meeting of the board of directors in this regard.”
The board will decide whether he will continue to head the bourse or if he will be sent packing.
The sources added that the board had issued two notices before this asking Morin for explanation letters. In response to both, Morin submitted an answer but the board remained unsatisfied with his “incomplete replies”.
According to the PSX rules and regulations, if an official is found to be in conflict of interest and does not meet the ‘fit and proper’ criteria for the high position, then he should be removed with immediate effect.
When Morin was approached, he said “the board information is not to be disclosed in the media. This is private information.”
Available information suggested that the managing director had simultaneously been serving in Archer Wealth Management Inc Canada as its chairman and chief compliance officer, a broker said.
An official at the PSX’s regulator, the Securities and Exchange Commission of Pakistan (SECP), claimed that the development was already in the knowledge of the SECP. However, the SECP has left the matter with the PSX board.
Morin joined the PSX as managing director in January 2018 for three years.