KARACHI: A meeting of the Board of Directors of the Pakistan Stock Exchange (PSX) was held on Monday with a single item on the agenda.
PSX CEO Richard Morin gave a hearing on the show-cause notice served to him for alleged breach of employment contract by simultaneously operating his own wealth management company while being employed by the PSX.
Archer Wealth Management, a Montreal-based firm that identifies itself as ‘independent financial advisers’ has Mr Morrin as the CEO of the company and chairman of its board.
Responding to the PSX Board, Mr Morrin maintained that there was no wrongdoing and he had declared his interest in Archer Wealth Management at the time of taking up his position at the PSX.
A person privy to the meeting affirmed that there does not appear to be a conflict of interest but the issue at stake was “misdeclaration or false declaration”. The shareholder directors in all listed companies are required under the code of corporate governance to fill up proper forms every year and declare their interest in other entities. There was no subsequent declaration in case of Mr Morin which was either by ‘omission’ or ‘commission’. The board would send the minutes to the Securities and Exchange Commission of Pakistan for its verdict.
Published in Dawn, May 21st, 2019