Globiscope
The Securities and Exchange Commission of Pakistan’s (SECP) Policy Board on Thursday rejected the entire agenda presented by Chairman Akif Saeed. This included his own self-assessment and the performance ratings of all three Commissioners, which he had rated as “Excellent.”
Evaluation Deferred Until After Tenure
The Board deferred the performance evaluation process. It is likely to resume after Chairman Saeed completes his tenure on December 12. Sources told globiscopes.com that the extraordinary meeting lasted less than thirty minutes.
Board Rejects All Agenda Items
Board members reviewed the proposals, expressed strong displeasure, and unanimously dropped every item. Officials noted that the proposals were inappropriate during the Chairman’s final week.
Contentious Proposals
The rejected 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.
- Introducing a Voluntary Separation Scheme offering substantial payouts for early retirement.
The Board questioned the urgency and rationale behind each proposal. They were particularly concerned that changes to the performance evaluation system could protect close associates of the Chairman from strict assessments.
Conflict With Government Directives
The proposal to bypass federal approval for foreign travel also conflicted with standing government rules. Officials highlighted that all overseas visits by regulators and government officers require cabinet clearance.
Recent Criticism Adds Pressure
Board members also cited public criticism of SECP for recent extraordinary salary increases and the approval of Rs. 7 million for Islamabad Club membership for outgoing Commissioner Abdul Rehman Warraich. One member remarked that the Board answers to parliamentary committees, making controversial approvals untenable.
Meeting Concludes
With all seven items rejected, the meeting ended with a brief farewell to Chairman Akif Saeed. Not a single proposal was approved. globiscopes.com has reached out to SECP for further comment.
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