ISLAMABAD: The Federal Government has appointed Farman Ullah as Chief Executive Officer (CEO) Pakistan Reinsurance Company Limited (PRCL) on contract for three years, official sources told Business Recorder.

The post of CEO PRCL was lying vacant since July 14, 2019. In order to fill the vacant post, the post has been advertised thrice, on August 17, 2019, November 13, 2019 and September 05, 2020.

The sources said, despite concerted efforts and a comprehensive exercise, no suitable candidate was found. Therefore, in order to attract suitable and quality human resource, the post was converted from MP-I to SPPS-III through Institutional Reforms Cell, Cabinet Division, and was advertised accordingly for the fourth time on June 23, 2021.

Resultantly, 25 candidates applied for the position of CEO, PRCL. Board of Directors of PRCL convened the meeting on July 15, 2021 to conduct the interviews of short-listed candidates. Consequent upon advice of Finance Division regarding remuneration of CEO, PRCL, the Board of Directors (BoD) of PRCL passed resolution by circulation on February 09, 2022 to the effect that “the remuneration for the panel of CEOs, PRCL is proposed to be kept at the initial stage of the SPPS-III cadre i.e. 500,000/- only”. Moreover, the tenure of appointment was for a period of three years, as per advertisement, which was duly approved by BoD of PRCL.

After following the due procedure as laid down in the Public Sector Companies (Appointment of Chief Executive) Guidelines, 2015 issued under Rule-5(2) of Public Sector Companies (Corporate Governance) Rules, 2013, framed under Section 156 of Companies Act, 2017, the BoD, PRCL vide letter of February 10, 2022, had proposed following panel of three candidates in order of merit for the position of CEO: (i) FarmanUllah; (ii) Dr Arif Hussain; and (iii) Khawar Osama Siddiqui.

The sources said the Commerce Ministry submitted the panel to the Cabinet as recommended by the BoD of PRCL for consideration and appointment of any of them as the CEO, Pakistan Reinsurance Company Limited on remuneration of initial stage of the SPPS -III i.e. 500,000/- only, on contract basis, for a period of three years which approved the appointment of Farman Ullah.

Copyright Business Recorder, 2022