Prime Minister Shehbaz Sharif has instructed the Energy Division to seek legal advice from the Justice Ministry to appoint government administrators to KE’s board.
The prime minister directed the energy division to inquire with the Justice Department whether federal cabinet consent is required to appoint GOP directors to the KE board.
According to a report, the prime minister issued these instructions in response to a Power Division report sent on July 25, 2022, including the recommended names of three directors to represent the GOP on the KE board.
K-Electric is a registered company with the Securities and Exchange Commission of Pakistan (SECP). According to the Share Purchase Agreement (SPA), the government of Pakistan is a minority shareholder and owns 24.36% of the shares of the company.
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The total number of KE board members is 13, consisting of 10 KESC-appointed directors and 3 GOP members.
K-Electric announced last month that it would hold its annual meeting on July 29, 2022 to elect new board members. Accordingly, the Company has requested that the GOP nominations be disclosed no later than July 15, 2022, as mandated by the SECP.
Two trustees of the KE government board
PD has requested two director nominations to represent the GOP on the KE board.
Due to time constraints, the Energy Division has appointed the following persons with the approval of Federal Minister of Energy Division Khurram Dastgir Khan: I Arshad Majeed Mohmand (Additional Secretary (II); (ii) Dr Imran Ullah Khan (Assistant Secretary (CF-II), Finance Division; and (iii) Zubair Motiwala (former KCCI Chairman)) The Energy Division has requested post-hoc approval from the Prime Minister for the appointments of the GOP in response to a Cabinet resolution of January 4, 2002.
According to the sources, the Prime Minister’s Office said the Prime Minister had reviewed the executive summary.
The Prime Minister directed the Energy Division to seek the advice and opinion of the Ministry of Law and Justice on whether Cabinet approval would be sufficient in this case, given that the ‘investment in K-Electric shares is in the name of the President of Pakistan, then to resubmit the executive. summarized accordingly.