The Securities and Exchange Commission of Pakistan’s (SECP) Policy Board on Thursday rejected the entire agenda presented by Chairman Akif Saeed, including his own performance evaluation in which he had rated himself and all three Commissioners as “Excellent.”
The Board deferred the evaluation process, indicating it will be taken up later, likely after the Chairman completes his tenure on December 12.
Sources told ProPakistani that the extraordinary meeting, held at the SECP Head Office, lasted less than thirty minutes.
Board members reviewed the agenda, expressed displeasure over its nature and timing, and unanimously dropped every item.
According to officials present, the Board viewed the proposals as inappropriate for approval during the Chairman’s final working week.
The agenda included upgrading Directors’ official vehicles from 1.3cc to 1.5cc, removing the federal cabinet’s approval requirement for foreign tours of SECP officials, revising the HR manual to eliminate the bell-curve performance evaluation system, and introducing a Voluntary Separation Scheme offering substantial payouts for employees opting for early retirement.
Sources say the Board questioned both the urgency and rationale behind these proposals.
The suggested relaxation of the performance evaluation system raised particular concern, with officials noting that such changes could shield close associates of the Chairman from strict assessments.
The proposal to bypass federal approval for foreign travel also appeared at odds with standing government directives requiring cabinet clearance for all official overseas visits by regulators and government officers.
Board members also reminded the Chairman that SECP has recently faced public criticism over extraordinary salary increases for the Chairman and Commissioners, granted with backdated effect, and the approval of Rs. 7 million for Islamabad Club membership for outgoing Commissioner Abdul Rehman Warraich.
One member reportedly remarked that Board members must answer to parliamentary committees for these decisions, making further controversial approvals untenable.
With all seven items rejected, the meeting concluded with a brief farewell to Chairman Akif Saeed. Not a single proposal was approved.
ProPakistani has reached out to the SECP for comment.
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Overburdened taxpayer’s money being burnt on whimsical desires by government cronies and employees.
Very coherent and articulate judgement.
The whole burucracy is Den of Thieves
Well Done…. SECP Board… Thanks
بندر بانٹ کی کہانی ایسے ہی لوگوں کے لیے پرائمری کلاسوں میں پڑھائی جاتی ہے لیکن افسوس بندر پرائمری کے بجائے ہائی لیول اداروں میں بیٹھے ہیں۔
ہر شاخ پہ اُلو بیٹھا ہے انجام گلستاں کیا ہوگا
All these type characters need software updation by people of Pakistan please for their fakes stories sunana and enjoying on donations and tax of poor people of Pakistan please
This country is being robbed with complete impunity from top to bottom, no question asked.May Allah SWT either send us a saviour or send His wrath to end our misery.
The system of filing was very pathetic, the officers sittings in a offices not pick phone calls insist yo visit office, they are not on seats…. This is all progress and now all they want luxury life after retirement… Sb k sab begherat
All of the SECP commissioners and it’s outgoing chairman should be sent home without any pay or benefits and their huge salaries received should be withdrawn and deposited in the treasury. These self centered, corrupt and anti-poor officials need to be thoroughly investigated for their anti people agendas and any kickbacks.
What else do you expect? Every one is trying to fill up their pockets one way or the other.
Decissions of any head of organization must be evaluated for its contribution to the well being of people and nation.
Not all public servents are same some are very honest and daring in nations interest.
Alhamdolilah
Apparently it appears the board members are justified in their assesment about their Chief and 3 of his commissioners’ performance.
Hang on, Hang on, Hang on….. hold your horses…..
I don’t have information on all the issues touched upon in this article… but I definitely have information, through a contact, about the reality of the current Appraisal System implemented at SECP!
Someone needs to accurately brief the Policy Board Members on what is actually happening to the employees, through the current appraisal system. It is contrary to what’s written in the article above.
I quote, “The suggested relaxation of the performance evaluation system raised particular concern, with officials noting that such changes could shield close associates of the Chairman from strict assessments.”
No, no, no, no, NO!
It is not the “ close associates of the Chairman”who are being “ strictly assessed” through this system. The current system is in reality “protecting the close associates of the Bosses”, by repeatedly targeting those employees who do not have someone watching their backs, either inside or outside SECP.
It is Ludicrous that SECPs HR Department, adopted the Forced Rating System of the BELL CURVE, at the WHIM of the LAST SOCIOPATH CHAIRMAN. An obsolete appraisal system, which “favours and protect the favourites” and “persecutes the LEAST LIKED” individuals “repeatedly”.
During the previous appraisal system, no employee could be assigned either the “Excellent” or “Satisfactory/Below Expectation” rating, without the bosses giving a justification for assigning these ratings to them! So none could be favoured or harmed through it.
The OBSOLETE Bell Curve implemented currently, forces ratings upon employees. As these ratings are to be assigned Mandatorily, and as no justification is required for giving these ratings to anyone, so the bosses feel no shame or remorse on favouring some, while persecuting others.
The Forced Rating System is used repeatedly to persecute the least liked and to repeatedly favour the favourites, by assigning “special tasks” to them, meant to get them applauded as “high achievers”.
10% Mandatory Excellent ratings are celebrated by the favourites, with Bonuses being showered upon them.
As the majority are not affected by the repercussions of receiving the “Mandatory Below Expectation” rating, also being assigned to 10% employees, so most of the seniors, really don’t care about how these individuals are repeatedly being deprived of Professional and Financial progression, with no salary raises, no bonuses, and only humiliation.
Even if some care, junior employees are terrorised. No one dares speak up against the wrongs being done to others around them, lest they be targeted next!
It’s not just some men who are being targeted repeatedly through the current appraisal system. Women are being targeted equally!
Say what you may about him, but in reality, it seems that, though Mr. Saeed, who did little for the welfare of those he was reigning over, for the past 3 years, was actually trying to do a favour to the down trodden of the Commission, before he retired.
By trying to “End the Reign of the Demonic Bell Curve”, he would have actually “Saved Many from being Repeatedly Sacrificed at its Alters”!