KARACHI: Pakistan Stock Exchange’s newly appointed Canadian chief executive officer, Richard Morin is becoming a source of envy for brokers and investors alike.
This is the first time a foreign national is taking helm of affairs at PSX, besides the fat purse of perks and incentives being offered to Morin. He will take charge as CEO, PSX on January 8th, 2018, reported Dawn.
In mid-September, Profit reported regarding fissures on selection of Richard Morin, as Managing Director of PSX.
Members of PSX and brokerage houses then opposed appointment of Morin as the MD, but according to officials the board of directors had already finalized his appointment.
Morin’s monthly salary is said to be around Rs4.5 million, and would be given Rs2 million in perks, totalling to Rs6.5 million a month. This salary package amount to more than twice what was being drawn by PSX’s earlier CEO.
In United Kingdom a Canadian national, Mark Carney is heading the Bank of England. This is the first time in 319 years of UK’s central bank existence, that a foreign national has been appointed as head of the institution.
A Chinese consortium, which bought a 30 percent stake in PSX has the right to select candidates for the top three positions at the PSX which included the posts of chief regulator officer, chief financial officer and managing director.
Worries about a foreign takeover of PSX were over-exaggerated, said Muneer Kamal, Chairman board of directors at the stock exchange. He elaborated the Chinese syndicate held only 30 percent stake in PSX, and the other two strategic buyers included Habib Bank Limited and Pak-China Investment Company Limited which bought 5 percent stakes respectively.
Kamal added, that out of the remaining 60 percent shareholding in PSX, 40 percent had been offloaded to broker fraternity, while the rest of 20 percent was floated to the public via an IPO. “As such the nominees of chief regulator and the representatives of local market participants are still in considerable majority on the board,” he affirmed.
He reiterated selection process had been detailed and transparent, which included the publishing of advertisements in local and foreign newspapers. After interviewing the candidates and appointing advisors, the Human Resources sub-committees shortlisted three persons for the CEO post, which included Richard Morin, said Kamal.
Previously I warned the corrupt “BADMASH” rulers not to appoint Richard Morin CEO of Pakistan Stock Exchange. But these basters did not listen.
Very soon as a part of international conspiracy against Pakistan’s economy, PSX will be collapsed. Because this is the main assignment given to Morin. Phase I completed by Criminal Ishaq Dar and Phase II will be completed by Richard Morin. God Bless Pakistan.
Abbas Jaffery