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Pakistan Steel Mills (PSM) Board of Directors (BoD) on Thursday appointed Additional Secretary Ministry of Industries and Production, Capt Sher Alam Mehsud (retired) as Chief Executive Officer (CEO), PSM on look after charge, till the appointment of new CEO, well informed sources told Business Recorder.

The meeting which was presided over by Prime Minister's Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood discussed different proposals including security issues.

The Board approved the resignation of former Board Member/ CEO, Ashique Ali and finalised advertisement for regular CEO with target to appoint on fast track. And directed the PSM management to advertise at its earliest for appointment of regular Chief Financial Officer (CFO) as the Ministry and management of the PSM was unhappy with the incumbent CFO, Arif Shaikh.

As a result of resignation from service by Shahid Mohsin Shaikh, the post of CFO has been vacant since February 25, 2013 and as a stop gap arrangement, the BoD had assigned the charge to Muhammad Arif Shaikh, GM (Finance) to act as Acting Chief Finance Officer who has been continuously working in the position; besides in line with the recent directives of BoD, advertisement for the post of CFO is required to be published so as to fill the vacant position at the earliest.

The last advertisement for hiring the services of suitable candidate from open market was published on 05-04-2015 but the position remained vacant.

In the light of the directives of BoD, draft advertisement was placed before the Board with the request to review the contents of advertisement with respect to terms and conditions so that after finalization it could be published at the earliest.

The sources said, "Very little discussion was held on revival plan of PSM as most of the time was spent on other issues, hoping that with the appointment of temporary CEO and regular Chairman Aamir Mumtaz, things will now move expeditiously."

The Board also approved annual audited accounts of Pakistan Steel Mills for the year ended 30th June, 2017 along with specific approval required by auditors in their cover letter and approvals as required under Public Sector Companies (Corporate Governance) Rules 2013.

The BoD also approved Directors' Report and authorized the Chairman to sign the report on behalf of the Board of Directors. Chief Executive Officer / Chairman and one Director, were authorized to sign financial statements and notes to the accounts in compliance with Section 241(1) of Companies Ordinance, 1984.

The Board approved appointment of Col Muhammad Tariq (retired) and Capt Babar (retired) as Technical Directors for Administration and Security Departments respectively with certain authorities/ privileges as mentioned above. Further, the Board may specify the period of their appointment and also approve their remuneration package and perks.

Col Tariq (retired) made a detailed presentation on PSM's administration and security issues. The Board was informed that due to lack of security, instances of theft of material and equipment were witnessed.

Copyright Business Recorder, 2019

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