SECP Board Rejects Chairman’s Odd Proposals a Week Before Retirement

The Securities and Exchange Commission of Pakistan’s (SECP) Policy Board on Thursday rejected the entire agenda presented by Chairman Akif Saeed, including his own performance evaluation in which he had rated himself and all three Commissioners as “Excellent.”

The Board deferred the evaluation process, indicating it will be taken up later, likely after the Chairman completes his tenure on December 12.

Sources told ProPakistani that the extraordinary meeting, held at the SECP Head Office, lasted less than thirty minutes.

Board members reviewed the agenda, expressed displeasure over its nature and timing, and unanimously dropped every item.

According to officials present, the Board viewed the proposals as inappropriate for approval during the Chairman’s final working week.

The agenda included upgrading Directors’ official vehicles from 1.3cc to 1.5cc, removing the federal cabinet’s approval requirement for foreign tours of SECP officials, revising the HR manual to eliminate the bell-curve performance evaluation system, and introducing a Voluntary Separation Scheme offering substantial payouts for employees opting for early retirement.

Sources say the Board questioned both the urgency and rationale behind these proposals.

The suggested relaxation of the performance evaluation system raised particular concern, with officials noting that such changes could shield close associates of the Chairman from strict assessments.

The proposal to bypass federal approval for foreign travel also appeared at odds with standing government directives requiring cabinet clearance for all official overseas visits by regulators and government officers.

Board members also reminded the Chairman that SECP has recently faced public criticism over extraordinary salary increases for the Chairman and Commissioners, granted with backdated effect, and the approval of Rs. 7 million for Islamabad Club membership for outgoing Commissioner Abdul Rehman Warraich.

One member reportedly remarked that Board members must answer to parliamentary committees for these decisions, making further controversial approvals untenable.

With all seven items rejected, the meeting concluded with a brief farewell to Chairman Akif Saeed. Not a single proposal was approved.

ProPakistani has reached out to the SECP for comment.

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The Securities and Exchange Commission of Pakistan’s (SECP) Policy Board on Thursday rejected the entire agenda presented by Chairman Akif… Read More

The post SECP Board Rejects Chairman’s Odd Proposals a Week Before Retirement appeared first on ProPakistani.