Staff Report
ISLAMABAD:
The federal cabinet is likely to choose Chief Executive Officer (CEO) of National Insurance Company Limited (NICL) from a panel of three candidates on contract basis for a period of three years, it was reliably learnt.
According to sources, federal cabinet scheduled to meet on Tuesday is set to take up a summary of Commerce Ministry regarding Appointment of Chief Executive Officer (CEO), National Insurance Company Limited. And, it is likely that cabinet will select CEO, NICL from a panel of three candidates.
“The Prime Minister in his capacity as Minister-in-Charge for Commerce has seen and authorized the submission of summary to the cabinet vide Prime Minister’s Office No. 494/SPM/2021, dated 09-04-2021,” said sources.
As per details, NICL is a limited company with 100 percent equity of the federal government, working under the administrative oversight of the ministry of commerce. The management of NICL is headed by the CEO who is responsible for the administrative and financial management of the company (NICL).
In order to appoint CEO of NICL from the private sector, the post was advertised first on 27-01-2019 and Khalid Hamid was appointed as CEO of NICL after getting approval of the federal government with effect from 12th December, 2019 but he did not assume his duties due to his personal reasons. Later on, the post was re-advertised on 05-09-2020. However, after due process, no candidate was found to be eligible for the position. Therefore, the post was re-advertised again with enhanced age limit on 03-12-2020 for the third time as per the decision of NICL board of director (BoD). As a result of the said advertisement, nineteen applications were received. The Ethics, HR & Remuneration Committee of NICL in its 19th meeting held on 14-1-2021bscrutnized the applications and shortlisted six candidates who met the baseline criteria as laid down in the published advertisement.
In the light of the Public Sector Companies (Corporate Governance) Rules, 2013, the Board of Directors of NICL interviewed the shortlisted candidates in its 115th meeting held on 15-02-2021 and recommended a panel of three candidates including Khalid Hamid, Muhammad Faisal Siddiqui and Shahzad Farooq Lodhi for the position in order of merit. And, Ministry of Commerce submitted this panel to the federal cabinet for consideration and appointment of any one of them as CEO, NICL in MP-1 scale on contract basis for a period of three years.
It is pertinent to mention that Ministry of Commerce had also forwarded the said panel to the Security Exchange Commission of Pakistan (SECP) for the concurrence in light of the fit and proper criteria for the post.
