KSE directors elections held

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The annual elections of directors of Karachi Stock Exchange (KSE) was held on Thursday, December 29 to elect five directors for the next term commencing from January 01, 2012. Out of a total of 07 candidates, one withdrew his nomination before the commencement of balloting, leaving 06 candidates to contest the elections.

A total of 138 members of the Exchange cast their votes, out of which 3 ballot papers were declared invalid/rejected and 135 ballot papers were declared as valid. Based on the results, the five candidates who were declared as successful, in order of the votes secured, are Abdul Majeed Adam (125), Muhammad Yasin Lakhani (123), Yaqoob Habib (122), Saeed Ahmed Butt (104), and Haji Ghani Haji Usman (102).

As per the Articles of Association of the Exchange, four non-member directors are required to be nominated by the Securities and Exchange Commission of Pakistan (SECP) for the next term amongst from whom the next Chairman shall be elected by the Board. Nadeem Naqvi, who is holding the office of Managing Director, by virtue of his office, is the tenth director on the KSE Board. The management of KSE appreciates the contribution made by the outgoing directors during the year 2011 and welcomes the incoming directors on the KSE Board for the next term.

Courtesy: Business Recorder

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