The existing Board of Directors of the company is consists of 21 members with 16 members from the private sector while the remaining five are included three public representatives secretaries industries, finance and Planning & Development. Chief Executive Officer (CEO) and Company Secretary are also officiating members of the board.
Conspiracy for the dissolution of the BoD was started with the tendering of resignation by the influential and most favourite retired bureaucrat Sahibzada Saeed as member of the board.
In his resignation through an email sent to the Secretary Industries/Chairman KP-EZDMC on October 16, 2018, he cited large size of BoD as big hurdle in the deliverance by the company. It said that due to 21 board members, which is an excessive number by any account and create multiple issues that include difficulty in arranging meetings due to varying schedule of members and deferring crucial agenda items for months.
The resignation have stated that such issues have led to undesirable outcomes with significant delays in achieving the major delivery targets related to the mandate of the company.
He said that upon going through the best practices of corporate governance is very clear than an effective board size, whether for non-profit or for profit companies, varies from 5-10 members including the Chief Executive Officer (CEO).
Therefore, he in his resignation letter has suggested in the articles of association to constitute the board with a rational size based on best practices. However, the resignation was rejected and the government also agreed with his suggestion to cut down the size of the board of directors.
The retired influential bureaucrat has also been tipped as chairman of the company. The same retired bureaucrat also is also heading the Strategic Support Unit (SSU) of the provincial government is also focal person for Rashakai Special Economic Zones and Chairman Board of Governors, Hayatabad Medical Complex (HMC). He has recently resigned as chairman, BoD of the Provincial Energy Development Organization (PEDO).
According sources the BoD members, who are likely to face axed are including Mohammad Adnan Jalil, an MBA from United Kingdom, who is also chairman of the Audit and Risk Management Committee of the company. Others are included Haji Dilroze Khan, a reputed Auditor and chairman, CM's Complaints and Redressal Cell, Engineer Maqsood Anwar Pervez and Mohsin, a close relative of the Defence Minister and former chief minister Pervez Khattak.
These members were working honestly and devotedly for the industrial development of the province. The other members, who will continue to remain on the BoD are included Wahaj Siraj, a close relative of the close aide to Prime Minister Imran Khan, Rashid Khan, Dr. Mohsin, Director IMSciences, Dr. Iftikhar (Vice Chancellor, UET), Shamama Arbab, Faisal Saleem, Ihsanullah, Haji Iftikhar Ahmad, Vice President, FPCCI and Ejaz Yousaf, a childhood friend of a senior bureaucrat.