ISLAMABAD/KARACHI: The warring Board of Directors of K-Electric on Thursday put off its meeting after one group walked out of the meeting after approval of the first item of the proposed agenda, well-informed sources told Business Recorder.
The primary intention of directors representing the government and AsiaPak was to get a decision regarding the removal of Chief Executive Officer (CEO) Syed Moonis Abdullah Alvi. The recent activities of some KE Board members have irritated Al-Jomaih Group of Saudi Arabia, which has already sent a legal notice of USD 2 billion to Islamabad.
“Despite having a numerical advantage in the meeting, the group opposite of Shehryar Chishty of AsiaPak announced its willingness to settle all matters related to the utility outside the Board,” the sources said, adding that Secretary Finance, Imdadullah Bosal, a key director representing the government did not attend the meeting.
KE board meets today to find new CEO
However, Secretary Power, Dr. Fakhre Alam Irfan, who participated in the meeting, was reportedly disappointed with the tense atmosphere and stressed that the issues should be resolved amicably.
The KE’s Secretary has shared the following information with Pakistan Stock Exchange (PSX) “in continuation of our intimation of November 7, 2025, this is to inform that the Board of Directors of the company at its meeting held on November 13, 2025, considered the matters other than financial results of the company.”
According to insiders, there was also an impression among attendees that BoD Chairman Mark Skelton was receiving external advice and expressing varying viewpoints on the same issue to different directors. Some of the Directors have talked about this situation internally, including the government’s nominated private sector Director.
The matter of appointing a new Chief Distribution Officer (CDO) also remained unresolved, even though one of the shareholders had succeeded in having the FIR scrapped against the new candidate.
After the minutes of the previous meeting were approved, one of the directors read out a prepared statement. Following the statement, five directors left the meeting, despite holding a majority over the four government and Chishty-nominated directors who stayed there.
The statement read: “Mr. Chairman, we are all present at this meeting out of respect for our positions as board members, exercising our best fiduciary judgment on behalf of the company we are honored to serve. Each of us has independently reached our own conclusions, but has asked me to speak collectively on our behalf. This is not the time for K-Electric to be drawn into internal politics.
Copyright Business Recorder, 2025
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