Three SECP directors on PMEX board

The constitution of the PMEX Board had recently been revised following the advice of the SECP to have one-third of the Board as independent directors to be nominated by the SECP.—Logo

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) nominated Shazad G. Dada, Muhammad Hanif Jakhura and Syed Ali Sultan as directors on the Board of the Pakistan Mercantile Exchange Limited (PMEX) for the next term.

Appointed by the SECP, Dada, Jakhura, Sultan possess extensive financial and capital market experience and their appointment can be seen as a fair balance of the requisite qualification and skills required on the PMEX Board.

The constitution of the PMEX Board had recently been revised following the advice of the SECP to have one-third of the Board as independent directors to be nominated by the SECP.

The remaining two-thirds of the board will be representatives of shareholders with not more than one-third of these as trading rights holders/persons associated with the trading rights holders.

The new structure of the PMEX Board requiring nomination of independent directors by the SECP will ensure that checks and balances are in place in the governance structure of the entity, which is an important capital market institution.

Dada is a seasoned banker and a prominent financial plus capital market professional with over 23 years of national and international market experience.

He was Chief Executive Officer of Barclays Bank PLC, Pakistan since 2010 and has been serving as Chairman of the Pakistan Banks Association, Board Member of the Karachi Stock Exchange and Vice President of the Institute of Bankers Pakistan. His prior work experience includes various senior positions in the Deutsche Bank AG, Chairman of the Pakistan Banks Association and currently also a member of the Karachi Stock Exchange Board.

Jakhura has vast capital market experience of over ten years during which he was involved with important capital market institutions. He has been serving as the Chief Executive Officer of the Central Depository Company since 2002 and has also served as the CEO of the National Clearing Company of Pakistan Limited from 2002 till 2005.

Sultan is a senior professional in the banking arena and has vast financial market experience of around twenty years. He is currently the Group Head- Treasury, Investments and Financial Institutions- Bank Alfalah Limited. His prior work experience includes senior management and board positions on the State Bank of Pakistan, BNP Paribas Bank, Bahrain and the Standard Chartered Bank.