KARACHI: Pakistan State Oil (PSO) has notified the Pakistan Stock Exchange (PSX) regarding the reconstitution of its 10-member Board of Management for a three-year term, following a notification issued by the Ministry of Energy (Petroleum Division).
Thank you for reading this post, don't forget to subscribe!Under the new arrangement, Mustafa Ramday has been appointed Chairman and Independent Member, replacing Asif Baigmohamed.
The board reshuffle also includes the departure of independent directors Dr. Ayesha Waqar, Mushtaq Malik and Ahmed Jamal Mir. The newly appointed independent members are Muneeb-ul-Haq, Aftab Hussain, Imtiaz Hussain Kazi and Saira Shahid Hussain.
PSO Chief Executive Officer Jawwad Ahmed Cheema will continue to represent the company’s executive leadership on the board, while Pakistan LNG Limited (PLL) CEO Masood Nabi will serve as an ex-officio member.
The reconstituted board will also include ex-officio representation from the Petroleum, Power and Finance divisions through their respective secretaries or BS-20 officers.
The final government nominations for these positions are expected to be communicated by the Petroleum Division.
The reconstitution forms part of the government’s latest changes to the governance structure of the country’s largest oil marketing company.
