Appointing junior officer as CEO NICL flopped
Aftab Ahmed
The Securities and Exchange Commission of Pakistan (SECP) has flopped a plan of board of directors of National Insurance company limited (NICL) to appoint a junior officer as Chief Executive Officer (CEO).
The National Insurance company limited (NICL) is a limited company with 100 percent equity of the federal government working under the administrative oversight of the commerce division.
The management of the company is headed by the Chief Executive Officer (CEO) who is responsible for financial matters and other procedures subject to the oversight of the board of directors.
The position of CEO NICL was advertised on January 27, 2019. In response, a total of 19 candidates were received by the human resource Department of NICL by the cutoff date.
Under the rule, the board shall evaluate the candidates based on the fit and proper criteria and the guidelines specified by the commission for appointment to the position of the chief executive and would recommend at least three candidates to the government for its concurrence for the appointment of any one of them as the chief executive.
In light of the provision of public sector corporate governance rules, the board of directors of NICL thorough interviewed the shortlisted candidates during the 8th emergent meeting of the board of director NICL held on August 7, 2019, and recommended a panel of the three candidates for the position in order of merit.
The first candidate was Syed Rafeo Bashir shah, the second Khalid Hamid, and the third was Muhammad Asif. The commerce division had forwarded a panel of these candidates to the security and exchange commission of Pakistan in light of the fit and proper criteria for the post.
The SECP provided its concurrence to other candidates at serial numbers two and three and but it did not approve the candidature of Mr. Rafeo Bashir Shah senior director general Trade Development Authority of Pakistan–TDAP–Karachi for the post due to his insufficient experience for the post.
Commerce Division submitted the panel of two candidates in order of merit recommended by the board of directors of NICL for consideration of the cabinet to appoint any one of them as the CEO NICL. Out of two candidates, Khalid Hamid was placed at the top.
He had worked as Chief Risk and Strategy Officer (Executive Director) of United Cooperative Assurance (UCA) Jeddah Saudi Arabia. The second name was Muhammad Asif who has been a senior consultant at Edge Consultants from 2017 to the present.
After a detailed discussion, the cabinet chaired by Prime Minister Imran Khan approved the appointment of Khalid Hamid as Chief Executive Officer (CEO) National Insurance Company Limited (NICL).
