Mr. Richard Morin has tendered his resignation for the position of Chief Executive Officer of Pakistan Stock Exchange Limited today.
The resignation was accepted by the Board of Directors of the company with immediate effect.
The PSX board of directors had issued a show-cause notice to Morin, a Canadian national, a month ago and gave him a 15-day deadline to submit his reply and explain his position whether he was serving in a Canadian company while simultaneously heading the PSX.
Archer Wealth Management, a Montreal-based firm that identifies itself as ‘independent financial advisers’, has listed Morrin as the CEO of the company and chairman of its board.
Morin had testified that there was no wrongdoing in this and he had declared his interest in Archer Wealth Management at the time of taking up his position at the PSX, but now he has resigned from his post at the Pakistan Stock Exchange.
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.
Morin joined the PSX as managing director in January 2018 for three years.
Morin’s remuneration was higher than the salaries drawn by the PSX’s previous chiefs, which was already a cause for concern for the investing public. In his one and a half years in office, the first foreign head of the Pakistan bourse has fallen short of expectations. He was expected to bring in foreign investment, introduce new products and cross-listings and ensure technological transfer.