As a result of 40% investment in Pakistan Stock Exchange by the Chinese consortium, it is reported that PSX welcomed four members from China to join Board of Directors (BoDs). The new directors include Yu Huali from Shenzhen Stock Exchange, Zheng Hu from China Financial Futures Exchange, Que Bo from Shanghai Stock Exchange, and Li Peng from Paki-China Investment company.
Many reports indicate that the quartet will be playing a major role in appointing PSX’s chief regulatory officer, chief financial officer, and chief executive, as they have been allotted the rights to appoint people for the post. However, it is pertinent to note that the full-board will be finalizing the appointments.
Moreover, PSX announced on its site that in a bid to accommodate the Chinese Directors, it changed the composition of its BoDs. Specifically, instead of having 11 BoDs, that previously had the total numbers of BoDs increased up to 15.
“A detailed three-year business plan is anticipated from PSX, which should propose concrete measures for development and activation of the equity, debt, derivatives, SME and commodities markets, along-with practical initiatives for expansion of market outreach and investor base,” he stated in a hand-out.
The Chairman of Securities and Exchange Commission of Pakistan (SECP), Zafar Hijazi, welcomed the new directors and appreciated the contributions made by the outgoing members. He also expressed his desire that the consortium would play an important role by ensuring a commercial driven strategy.