Broker-chairman of KSE BoD: EGM fails to obtain absolute majority

The Karachi Stock Exchange (KSE) members on Monday failed to pass a resolution for broker-chairman at KSE board with absolute majority. The extraordinary general meeting of the KSE members was held here with a single-point agenda to amend articles of association of the exchange to elect a broker as chairman of KSE board.
The meeting was presided over by Abid Ali Habib, and the matter was discussed in detail. The meeting decided to hold balloting so that members could show their willingness about the resolution. Out of total 66 votes, 38 members were in favour of broker-chairman while 28 members opposed this resolution, and favoured non-broker chairman.
Although majority of the present members were in favour of broker-chairman, their number was less than the required 75 percent absolute majority required to amend the articles of association. So, no change could be made, and now a non-broker director, nominated by the Securities and Exchange Commission of Pakistan (SECP) would be the chairman of the KSE board of directors.