Chairman Karachi Stock Exchange (KSE) Mohammad Yasin Lakhani used his casting vote after the directors on the KSE Board stood split right through the centre on whether or not to comply with the directives of the Securities & Exchange Commission of Pakistan (SECP) regarding the installation of a non-member director as the chairman of the bourse.
At the Board meeting held on Thursday, four non-broker directors nominated by the SECP together with the managing director voted for submission to the order, while the five broker directors, stoically stood against. The chairman’s casting vote tilted the balance in favour of the members.
When temperatures cooled down a bit, both parties agreed that instead of taking up the cudgels, a better option would be to talk. According to sources privy to the meeting, the SECP nominated members said they would seek guidance from SECP chairman Dr Tariq Hassan, and inform the Board if the decision could be deferred and negotiations could be held on the directive. The final hour for conveyance of such decision was set at 4 pm on Friday.
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