In an official release issued from Islamabad on Tuesday, the apex regulator announced that the four directors include KASB Bank Limited Vice Chairman Muneer Kamal, Barclays Bank PLC Pakistan Chief Executive Officer Shahzad Dada, Engro Polymer & Chemicals Limited President Asif Qadir and Pakistan Tax Bar Association President Abdul Qadir Memon.
The official release stated that “the nominated individuals can be seen as a fair balance of the requisite qualification and skills on the KSE Board, with two of them having national and international banking and capital markets experience – one possessing corporate sector exposure and one carrying accounting, audit, corporate law and tax expertise.” It added that the apex regulator expects the board to work towards the advancement of the capital markets in the country.
The appointment of nominee directors has taken the strength of the board to nine members. The election of a chairman for the board will take place between the nominee directors to complete its formulation.
Earlier, on December 30, 2010 members of the exchange voted in five member-directors to the board. Following their elections, Abid Ali Habib, Mohammad Sohail, Zafar Siddiq Moti, Ashraf Bava and Muhammad Qasim Lakhani assumed their responsibilities as directors of the bourse on January 1st, 2011.
The announcement of nominee directors followed a day after members of the exchange formally dropped their demand for the appointment of a member of the exchange as chairman of the board of directors.
THE NEW TEAM
Abdul Qadir Memon
A renowned tax and corporate law expert. With a degree from the University of Karachi, he is a member of the Advisory Taxation Committees of the Revenue Advisory Council of Ministry of Finance. He has also served as the president of the Income Tax Bar Association
Shahzad Dada
A seasoned banker whose portfolio includes over 20 years of major national and international financial market experience. With an MBA degree from the University of Pennsylvania, he is presently overseeing all Barclays’ businesses in Pakistan as the CEO
Asif Qadir
With a degree in chemical engineering from Columbia University, he has been a key figure at Engro Corporation Limited and is currently serving as the Senior Vice President. Asif Qadir has over 30 years of management and marketing experience.
Muneer Kamal
With an MBA degree from the University of Karachi, he has held senior positions at Citibank, Faysal Bank, Union Bank Limited, KASB Bank Limited. Muneer Kamal has over 28 years of extensive experience of the banking and financial sector.
Published in The Express Tribune, January 26th, 2011.
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