ISLAMABAD: Power Division is said to be in a state of shock over the appointment of Naveed Ismail as as Chairman of the Board of a multi-billion-dollar company - National Transmission and Despatch Company (NTDC), well-informed sources told Business Recorder.
Official record available with this newspaper shows that on March 26, 2013, the then Chairman Water and Power Development Authority (Wapda), Syed Raghab Abbas Shah had terminated the contract of Naveed Ismail, the then Chief Executive Officer (CEO), Genco Holding Company Limited (GHCL) citing "poor performance" as the reason.
The official announcement made on March 26, 2013 states: "On account of poor performance of, the contract of the CEO, GHCL has been terminated as per procedure on the direction of competent authority by Chairman Wapda with immediate effect."
On March 9, 2021, the Federal Cabinet approved the appointment of Ayaz Ahmad as new Managing Director of NTDC on a salary of $ 15,000 per month, on the recommendations of NTDC Board headed by a person who had been sacked by the same Ministry due to poor performance.
Power Division, in its summary, a copy of which is available with this newspaper clearly states that "in terms of rule-5(2) of the Public Sector Companies (Corporate Governance) rules, 2013 (amended in 2017), the BoD is mandated to recommend at least three individuals to the government for appointment as the Chief Executive/Managing Director of the public sector company. On receiving concurrence of the government, the Board shall appoint the CE/MD in accordance with the provisions of the Act." However, the Board recommended only one person for the slot of MD NTDC.
The Cabinet, however, ignored the advice/suggestion of Power Division and approved appointment of Azaz Ahmed as MD NTDC at a lucrative salary/package.
The Power Division sources did not express surprise at the appointment of Azaz as MD NTDC but on the appointment of Chairman NTDC Board, Naveed Ismail.
An insider in the Power Division said that the case of Chairman NTDC Board was moved in a highly "secret" manner and facts were "deliberately not shared" with the top brass of Power Division and Federal Cabinet.
Presently, Power Division is being run by not less than 10 bosses, starting from the Prime Minister to SAPM on Power due to which its performance is being questioned at every forum, said an insider.
When this correspondent asked Minister for Power, Omar Ayub if he was aware that the contract of Naveed Ismail had been terminated as CEO GHCL due to poor performance, he replied that he was not aware of this fact.
The newly appointed members and Chairmen of Board of Directors of different Discos are also facing criticism at different forums as a couple of members have been adjusted in three Boards.
Most of the Board members are related to generation side and remained part of the then KESC and other private companies. Recently, this issue also came under discussion at a meeting of Privatisation Commission (PC) discussing Discos privatisation presided over by the Privatisation Minister.
Copyright Business Recorder, 2021
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