The Management of Pakistan State Oil has asked the Prime Minister to remove the present Chairman of the company as he is interfering in "day to day business" and interacting directly with the staff despite being a non-executive functionary. It was also suggested that the Secretary Petroleum & Natural Resources Salim Mahmood be given the charge of the position of Chairman PSO in place of the present incumbent Sardar M. Yasin Malik.
Yasin Malik a leading businessman has been on the Board of PSO as director since 2004. He was elevated to the position of Chairman PSO by the Caretaker Prime Minister Muhammahmian Soomro in 2008. In a letter to the Ministry, Managing Director PSO Irfan K. Qureshi said that "PSO''s Board of Management comprises a Chairman and nine Board Members. Appointment of the Chairman and Board Members is made by the Federal Government under the Marketing of Petroleum Products (Federal Control) Act, 1974."
"Present Chairman of PSO Sadar M. Yasin Malik was appointed vide Government of Pakistan Ministry of Petroleum & Natural Resources Notification No 5(2)/2004-Gas, dated February 4, 2008. Prior to this appointment, he had been serving as a Member of PSO''s Board of Management since June 24, 2004.
Position of Chairman PSO is a non-executive position whereas Management Director PSO serves as chief executive office of the Company. In the interest of good corporate governance, the Chairman should refrain from involving in day to day business of the Company vis-à-vis interaction with members of the management staff reporting to the Managing Director."
"In this context, I am compelled to report that unfortunately the conduct of present Chairman-PSO is not conducive to the position and that his increasing interaction with members of PSO''s management in various matters, including human resource related matters, is a serious impediment to the undersigned in managing the affairs of the Company.
This behaviour of the Chairman is creating serious discord and antagonism between various sections of management in general and the Managing director''s secretariat in particular. Indulging of the Chairman in the said activities tantamounts to uncalled for interference in working of the Company which is not commensurate to the dignity and responsibility of his position."
"In view of the foregoing, it is hereby proposed that Sardar M. Yasin Malik may please be removed from the position of Chairman-PSO with immediate effect to restore good governance in the company. It is further proposed that the Secretary, Ministry of Petroleum & Natural Resources may assume the charge of the position of Chairman PSO."
"It is requested that necessary action in this regard vis-à-vis process of approval of the competent authority in the matter may please be expedited." The well connected Sardar Yasin Malik was also placed on the Board of Directors Habib Bank Limited by caretaker Prime Minister Soomro as the government nominee director on HBL.
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