0
KARACHI: The Securities and Exchange Commission of Pakistan on Wednesday nominated the four outside directors on the Board of the Karachi Stock Exchange for one year term to Dec 31, 2012.
The names are the same as last year. Those include: Mr Muneer Kamal, Shazad G Dada, Asif Qadir and Abdul Qadir Memon.
The SECP stated that the directors had also served on the KSE Board last year as independent directors and their appointment could “be seen as a fair balance of the requisite qualifications and skills on the board”.
The apex regulator said that it was expected that the KSE Board in particular and the capital markets in general, would continue to benefit from the mix of extensive knowledge, global experience and diverse expertise that the nominated professionals possess.
“It is hoped that the directors will continue to contribute positively to promoting principles of good governance, transparency and will be instrumental in bringing about various capital market reforms,” the top regulator observed.
Earlier on Dec 29 last year, a total of 135 brokers had participated to elect five member (broker) directors to the KSE Board.
Those included Mr Abdul Majeed Adam, Mohammad Yasin Lakhani, Yaqoob Habib, Saeed Ahmed Butt and Haji Ghani Haji Usman.
The new board would serve for one year term; the KSE members having turned down the proposal of the regulator to increase the term first to three and then to two years.
Mr Nadeem Naqvi, the Managing Director at the KSE, by virtue of his office, would sit on the board as the tenth director.
As per the rules, one of the four directors nominated by the SECP would be elected to chair the Board. Mr Muneer Kamal held the post of chairman last year.
