KSE elects Zubyr Soomro as new chairman

Mr. Zubyr Soomro was elected as Chairman of Karachi Stock Exchange (KSE) for the term commenced from January 01, 2010. The unanimous decision was taken at the first meeting of re-constituted Board of KSE, which was held today.
Mr. Zubyr Soomro is a career banker having worked for 36 years with Citibank
across multiple boundaries, roles and assignments. Mr. Soomro also served as
Chairman & President of United Bank Limited from 1997-2000. He has aproven track record in turning around public-sector organizations. Due to this attribute, among many, he simultaneously has extensive experience in working and dealing with regulators and governments and he is often approached by top financial managers representing the government for his expert advice.

Recently, Mr. Soomro has established a financial services consultancy firm by the name of ‘Hikmah Consulting’ where he is engaged as a ‘Consultant’. Earlier, one re-elected and four newly elected member directors of KSE took charge for the new term along with 4 non-member directors nominated by Securities and Exchange Commission of Pakistan (SECP), while 4 member directors and 4 non-member directors from the previous Board stood retired with effect from December 31, 2009.
The Board of KSE, under its Articles of Association, is composed of 5 elected members of KSE and 4 nonmember directors, nominated by SECP; while KSE’s Managing Director completes the Board as 10th Director, by virtue of his office. Furthermore, the Articles provide that the Chairman of the Board is to be elected from amongst the non-members directors.
The five elected directors of KSE for the new Board are Mr. Abid Ali Habib, Mr. Muhammad Yasin Lakhani, Mr. Dawood Jan Mohammad, Mr. Mohammad Munir Khanani and Mr. Abdul Majeed Adam; whereas, the SECP’s nominated directors on KSE’s Board for the current term are Mr. Zubyr Soomro,
Mr. Farrukh S. Ansari, Mr. Farrukh Viqaruddin Junaidy and Mr.MuhammedFarhan Malik. Mr. Adnan Afridi has been the Managing Director of the Exchange since October 2007.

Comments

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f

Chairman SECP Reaffirms Commitment to Facilitate Businesses

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI). The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings. During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance c

Sohail Wajahat Siddiqui made new Chairman of PSO

The Ministry of Petroleum and Natural Resources has notified appointment of Sohail Wajahat Siddiqui as chairman of the board of directors of Pakistan State Oil (PSO) . Siddiqui has replaced Nazim F Haji with immediate effect. Sohail heads Siemens Pakistan Engineering Company Limited as its Managing Director and Chief Executive Officer. He has served as the president of the Overseas Investors Chamber of Commerce and Industry (OICCI) and also served as chairman of Pakistan Red Crescent Society, Sindh. Siddiqui has also served as board member of Pakistan Steel. He is also the founding member of the Pakistan Business Council. In recognition to his contribution towards the national cause, he has been awarded Sitara-e-Imtiaz. (The News)

Stocks Observer. com

Search This Blog