In a significant development for Pakistan’s financial sector, former State Bank of Pakistan (SBP) governor and ex-caretaker finance minister, Dr Shamshad Akhtar, has been appointed as the Chairperson of the Pakistan Stock Exchange (PSX) Board of Directors. The appointment was confirmed by a PSX statement on Tuesday.
“Please be informed that Dr Shamshad Akhtar, an Independent Director, has been appointed as the Chairperson of the Board of Directors of Pakistan Stock Exchange Limited for the Board’s term of three years that commenced on April 19, 2024,” the statement read.
The process of electing, nominating, and appointing directors to the PSX Board is governed by the Companies Act, 2017, the Securities Exchanges (Licensing and Operations) Regulations, 2016, and the Articles of Association of PSX. These regulations stipulate that the number of independent directors must constitute at least one-third of the total Board.
The PSX Board has been constituted in compliance with all relevant regulations applicable to listed companies. As a self-listed securities exchange and frontline regulator of listed companies, PSX has adhered to all applicable laws, rules, and regulations.
Dr Shamshad Akhtar brings a wealth of experience to her new role. She served as Pakistan’s caretaker finance minister from August last year until the general elections in February. She also made history as the first woman to head the SBP, serving as governor from January 2, 2006, for a three-year term. Prior to her tenure at the SBP, Dr Akhtar held prominent positions at the Asian Development Bank (ADB), including Director General of the Southeast Asia Department and Deputy Director General of the East and Central Asia Department. She was also the Director of the Governance, Finance, and Trade Division for the East and Central Asia Department of ADB.
Her extensive background in financial governance and international development is expected to bring a fresh perspective and robust leadership to the Pakistan Stock Exchange.
