ISLAMABAD: The government is likely to appoint someone who was removed from another organization subsequent to an inquiry as Managing Director STEDEC Technology Commercialization Corporation of Pakistan (Pvt), well-informed sources told Business Recorder.

The company, established in 1987 under the Companies Ordinance Act, 1984, is a government-owned company working under the administrative control of Ministry of Science and Technology, and is mandated to assist public sector R&D organizations in commercialization of their indigenously researched products, processes and technologies.

The vacant post of Managing Director was advertised on January 29, 2020 in national dailies. In response, 24 applications were received. The applications were scrutinized by the Nomination Committee of STEDEC in its 7th meeting on the basis of advertised eligibility and 13 candidates were shortlisted for the interview. The Nomination Committee conducted the interviews of shortlisted candidates in its 8th Nomination Committee meeting and recommended the following three candidates in order of merit:- (i) Amjad Ali Awan;(ii) Omer Malik and ;(iii) Dr. Zubair Iqbal.

In terms of Article 94 of Articles of Association of STEDEC, the BoD may appoint any suitable person to office of CEO. The Board of STEDEC in its 64th meeting ratified the recommendations of Nomination Committee for the post of Managing Director, STEDEC.

According to the Ministry of Science and Technology as per rule 5(2) of Corporate Governance Rules, 2013 (Amended 2017) the Board shall evaluate the candidates based on fit and proper criteria and the guidelines specified by the Commission for appointment to the position of Chief Executive and to recommend at least three candidates to the Government for its concurrence for appointment of one of them as Chief Executive of the Public Sector Company for a period of three years.

The Cabinet, being the Federal Government in terms of Supreme Court Judgment in the Mustafa Impex case is required to recommend a candidate from the panel as Managing Director, STEDEC on a contract basis for a period of three years on monthly salary of Rs. 450,000 inclusive of all allowances.

Copyright Business Recorder, 2020