Finance Division said that in terms of Section 11(1)(b) of Bank''s (Nationalisation) Act 1974, NBP''s Board shall consist of not less than 5 and not more than 7 members (excluding chairman and president NBP). In terms of Section 11(3)(a) of the Act ibid, the chairman, the president and other members of the board of a bank are appointed by the federal government in consultation with the State Bank of Pakistan (SBP) for a term of three years.
The following members of the Board of Directors of NBP were appointed with the approval of the Prime Minister as per delegated powers of the cabinet. They were not appointed with the approval of the federal cabinet and they include Muhammad Naeem, Muhammad Imran Malik and Asad Munir.
In light of the federal cabinet''s decision dated October 4, 2018, appointments of the directors are required to be replaced. Further two vacant slots of the directors and chairman of the board are also required to be filled. Moreover, the existing GoP nominee director requires to be replaced as he has been posted out from the Finance Division.
In view of the above, it is proposed that the following candidates may be considered for appointment as chairman and directors on the BoD of NBP for a term of three (3) years in terms of Section 11(3)(a) of Bank''s (Nationalisation) Act 1974. The SBP has been consulted in this regard.
Zubyr Soomro has been proposed for the position of chairman, the post which is vacant; Mohammad Sohail Rajput has been proposed as GoP Director in place of A Akbar Sharifzada, ex-AFS, Finance Division; Asif Jooma has been proposed as director in place of Muhammad Naeem; Tawfiq Asghar Hussain has been proposed as director to replace Muhammad Imran Malik; Sadaffe Abid has been proposed as director to replace Asad Munir and Zafar Masud has been proposed as director against a vacant slot.
