KARACHI – Dr. Shamshad Akhtar, the former Governor of State Bank of Pakistan (SBP), has added another feather to her cap as she has become the first women chairperson of Pakistan Stock Exchange (PSX) Board of Directors.
A statement issued by the PSX said, “For the first time in the 73 year history of Pakistan Stock Exchange (PSX), a woman Chairperson has been elected on the Board of Directors”.
She was unanimously elected in the first meeting of the newly elected PSX Board held on May 4, 2021.
This is a momentous occasion for the women of Pakistan that for the first time in the history of the capital market of the country, a woman has been elected as the Board Chairperson.
Dr. Shamshad Akhtar is a veteran of the financial markets of Pakistan and has also held the honourable position of Governor, SBP, in the past.
She spearheaded the capital market development reforms during her tenure at the Asian Development Bank in 1990s and more recently worked with the industry on the Capital Market Roadmap in her capacity as the Caretaker Finance Minister.
On being elected as the Chairperson of the Board of Pakistan Stock Exchange, Dr. Akhtar commented, “After my long association with Pakistan’s capital market, it is a proud moment for me to represent the Pakistan Stock Exchange as its Chairperson and join the efforts of the SECP, the new Board and Management to take this institution to new heights. I look forward to our joint endeavors to further transform PSX as a premier institution so it can play a critical role in raising its market capitalization through deepening of debt and equity markets, broadening its investor and product base and service efficiently all its clients upholding high standards of governance”.
Upon completion of the term of the previous board, as part of the regulatory exercise earlier, following seven (7) shareholder directors were elected at the Extraordinary General Meeting (EGM) convened on April 19, 2021, upon the expiry of the term of the previous Board of Directors. SECP cleared the elected shareholder directors – Wang Baojun, Ahmed Chinoy, FU Hao, Yu Huali, Nadeem Naqvi and Zubair Razzak Palwala – in terms of applicable requirements.
PSX had announced the appointment of three (3) independent directors on its Board, subsequent to the approval by the SECP, on April 29, 2021. Dr. Shamshad Akhtar, Javed Kureishi and Mohammad Salahuddin Manzoor were among the members.
The current size of the Board of Directors, as fixed by the previous Board at its meeting held in February 2021 pursuant to SECP’s pertinent directive, comprises of a total of eleven (11) members including seven (7) shareholder directors, three (3) independent directors and the CEO.
PSX’s CEO, Mr. Farrukh H. Khan, welcomed the appointment of the first woman Chairperson of the Board and the new and returning directors. He said “We have an outstanding new board and I am confident that the newly appointed Board of Directors will lead and direct the Exchange to even greater heights of success, prosperity and progress for all stakeholders and Pakistan’s capital markets. I am grateful to the cooperation extended by the SECP in this regard and for its approval of the PSX nominated directors”.