Fissures reported regarding selection of foreigner as MD, PSX

Karachi: A local newspaper report has claimed of fissures regarding selection of Richard Morin, as Managing Director of the Pakistan Stock Exchange (PSX).

A Chinese consortium had earlier this year acquired a 40pc controlling stake in Pakistan Stock Exchange, with 40pc being offered to brokerage houses and the remaining 20pc to the public via an Initial public offering (IPO).

Members of PSX and brokerage houses are said to be opposing the appointment of Richard Morin as the MD, but according to officials the board of directors have finalized his appointment.

According to market rumours, Morin’s monthly salary is said to be around Rs3 million, and will be given residential allowance, special perks and international travelling expenditures said some brokers.

A PSX official said “Only the shareholders of the company (PSX) have the right to accept and reject his appointment and approve and disapprove his monthly package. They may do this at the forthcoming Annual General Meeting likely to be held at the end of this month or at the beginning of the next month.”

Morin is said to have a diversified portfolio, with experience of having served at the Mauritius stock exchange and several Canadian stock markets. He has also served at various asset management companies and brokerage houses.

The official shared that the Chinese consortium has been given the right to select candidates for the top three positions at the PSX which include the posts of chief regulator officer, chief financial officer and managing director.

 

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