PSX elects board chairperson

KARACHI: The board of directors of the Pakistan Stock Exchange (PSX) on Wednesday elected Dr Shamshad Akhtar as the chairperson, making her the first woman to chair the board of the exchange in 73 years.

Dr Shamshad Akhtar needs no introduction as she is a veteran of the financial markets of Pakistan and has also held the position of Governor State Bank of Pakistan, 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 PSX, 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 endeavours to further transform PSX as a premier institution so it can play a critical role in raising its market capitalisation through deepening of debt and equity markets, broadening its investor and product base, and service efficiently all its clients upholding high standards of governance.”

Following seven shareholder directors were elected at the extraordinary general meeting (EGM) convened on April 19, 2021: Wang Baojun, Ahmed Chinoy, FU Hao, You Hang, Yu Huali, Nadeem Naqvi and Zubair Razzak Palwala.

PSX also had announced the appointment of three independent directors including Dr Shamshad Akhtar (now elected as Chairperson of the board), Javed Kureishi and Mohammad Salahuddin Manzoor.