PSX convenes EoGM on April 19

KARACHI: Pakistan Stock Exchange (PSX) has convened an extraordinary general meeting on April 19, 2018 to elect seven shareholder directors of the company for a term of three years, a bourse filing said on Monday.

The significant feature of the new board to be elected on April 19 would be representation given to the minority shareholders who subscribed to 20 percent shares issued under the initial public offering; disbanding the concept of SECP-nominated directors and offering one seat to a female director as required under the Companies Act, 2017, it added.

Overall, there would be 14 directors, including seven shareholder directors and seven independent ones.

PSX Managing Director Richard Morin by virtue of his post would sit on the board as the 15th director.

The retiring directors included Zhiping Rong, Que Bo, Yu Huali, Li Peng, Shehzad Chamdia, Ahmed Chinoy and Abid Ali Habib. The retiring directors may offer themselves for re-election.

For the seven independent directors, the PSX would pass on recommendations of 14 nominees from which the Securities and Exchange Commission of Pakistan would chose.