ISLAMABAD: Prime Minister Shehbaz Sharif has approved the name of Nasir Mahmood Khosa, former Federal Secretary as Member of Board of Directors (BoD) of Karachi Electric (KE), representing the Federal government as private Director, in addition to appointment of Secretary Power and Secretary Finance as ex-officio members of Board, well informed sources told Business Recorder.
K-Electric is a corporate entity registered with Securities and Exchange Commission of Pakistan (SECP). Pursuant to the Share Purchase Agreement 2005, Government of Pakistan is a minority shareholder on KE Board and currently holds 24.36 per cent share, while 66.4 per cent are with KES Power and 9.24 per cent are with others. The Board of Directors of KE consist of 13 directors, out of which three are nominated by the GoP, 9 by KES Power and 1 by others.
As per existing practice, the GoP has been nominating two ex-officio directors and one independent director on the Board of KE to represent shareholding.
Accordingly, following ex-officio nominations were proposed: (i) Secretary Power Division (ex-officio); and (ii) Secretary Finance Division (ex-officio).
Further, for the nomination of third Director, following panel was proposed: (i) Nasir Mahmood Khosa (former Federal Secretary and former Chief Secretary Punjab);(ii) Javed Aslam (former Federal Secretary and former Principal Secretary to the Prime Minister); and (iii) Agha Jan Akhtar (former Chairman Port Qasim Authority, former Principal Secretary to Chief Minister Punjab).
Power Division had sought approval of Prime Minister for the nomination of ex-officio director and also nomination of one independent director from the given panel.
Power Division further stated that nominations by the Federal Government on the KE’s BoD are to be approved by the Federal Cabinet, in terms of Cabinet Division’s U.O No.7-1(2018) issued on March 16, 2018, prior approval of Prime Minster is required to place the summary before the Federal Cabinet.
The final approval of three new directors, representing the federal government on KE Board will be granted by the Federal Cabinet.
Copyright Business Recorder, 2022