KSE members elect directors

KARACHI: The annual election of directors of Karachi Stock Exchange (KSE) was held Wednesday, to elect five directors for the next term commencing from January 01, 2011. In all, nine candidates contested the election for which a total of 156 members of the Exchange cast their votes and all the ballots were declared valid.

Accordingly, the five candidates who were declared successful, in order of the votes secured, are: Abid Ali Habib (130), Mohammed Sohail (101), Zafar Siddiq Moti (98), Ashraf Bava (93), and Muhammad Qasim Lakhani (90). It should be noted that out of these newly elected directors, three of them i.e. Mohammad Sohail, Ashraf Bava and Muhammad Qasim Lakhani elected for the first time.
After electing as a director KSE for the first time Mohammad Sohail while talking to media said that his priority would be to improve the image of the broker community. He also said that improving financial positions of the members is also one of his priorities.

As per 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 whom the next Chairman shall be elected by the Board.
Haroon Askari, who is holding the office of Acting Managing Director, by virtue of his office, is the tenth director on the KSE Board. The KSE management appreciated the contribution made by the outgoing directors during the year 2010 and welcomed the incoming directors on the KSE Board for the next term.