PM reconstitutes BoD of DISCOs

Existing directors of IESCO, FESCO and LESCO had been politically appointed

ISLAMABAD:

Prime Minister (PM) Shehbaz Sharif has approved the reconstitution of the Board of Directors of the Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and Lahore Electric Supply Company (LESCO).

Sources said the PM had approved the names proposed by the power division to reconstitute the board of directors of these companies.

While considering the nominations, Sharif directed that the approval of the federal cabinet should be sought through circulation of the summary.

The ten power distribution companies are under the administrative control of the Energy Ministry (Power Division).

The present board of directors of IESCO, FESCO and LESCO were constituted in December, 2020, for a period of three years. In pursuance of corporate governance rules, a performance contract was also signed between the Ministry of Energy (Power Division) and the board of directors of IESCO, FESCO and LESCO.

However, after careful assessment of the performance of DISCOs (including IESCO, FESCO and LESCO), the Minister for Energy (Power Division) felt the need to reconstitute the board of directors in order to improve performance. The existing board of directors were politically appointed and the PTI government had delayed the appointments of these directors due to their influence.

Accordingly, the Minister for Energy (Power Division) conducted an extensive consultative exercise to shortlist suitable candidates who meet the proper criteria and are registered with the Pakistan Institute of Corporate Governance (PICG). The shortlisted candidates fall in the category of independent directors, including consumer representatives.

The power division had moved a summary to the prime minister regarding the proposed composition of the board of directors of IESCO, FESCO and LESCO.

PM Sharif approved the name of Qamarul Islam Raja as Chairman, Board of Directors of IESCO. The independent directors include Khalid Munir, Mujahid Pervaz Chattha, Nash Mahmood Sheikh, Raja Talib Mehdi Khan, Fahad Malik and Major (R) Tahir Iqbal.

The approved consumer representatives include Malik Ghulam Mustafa Kandwal and Naeem Iqbal. The other director is Adnan Baig who has diversified experience in different sectors and is a renowned businessman.

The PM also approved Tehseen Alvi as Chairman, Board of Directors of FESCO. Other directors include Babar Ikram Raja, Ameer Hamza, Iftikhar Ahmed Ansari, Nauman Kialid, Muhammad Momin Junaid, Rab Nawaz, Muhammad Humair Hayat, Ali Ranjha, Mian Farrukh lqbal and CEO FESCO. There will also be representatives of the power division and the government of Punjab.

For LESCO, PM Sharif approved the name of Mian Waqar Aziz as Chairman, Board of Directors. The directors include Hafiz Muhammad Nouman, Ghias Uddin Ahmed, Muhammad Ali Sadiq, Jahanzaib Badar, Mujahid Islam Billah, M.A Gorava, Ahmed Baksh Tarar, Arshad Iqbal, Saad Rao and CEO LESCO.

The cabinet will approve a final summary after circulation. However, the power division sought prior approval of the prime minister to place the summary before the cabinet.

Published in The Express Tribune, October 15^th, 2022.

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