ISLAMABAD: The newly appointed Managing Director of Inter State Gas Systems (Pvt.) Limited (ISGSL) Nadeem Javed Bajwa has yet to assume the charge of office for a term of three years, official sources told Business Recorder.
On June 25, 2021, Bajwa had resigned from the company owned by the family of Commerce Advisor, Abdul Razak Dawood, M/s Descon Engineering.
ISGCL was established in 1996 as a private limited company and had been incorporated under the Companies Ordinance, 1984 (Now Companies Act, 2017). It was mandated to oversee the impact of transactional gas pipelines into the country and make improvements in Pakistan's strategic Oil and Gas infrastructure development. The Company was a subsidiary of the Government Holding Private Limited (GHPL) and was working under the aegis of the Ministry of Energy (Petroleum Division).
As per Rule 5(2) of the Public Sector Companies (Corporate Governance) Rules, 2013, as amended up to 2017 (the Rules), the Board evaluates candidates based on fit and proper criteria and guidelines specified by the Securities and Exchange Commission of Pakistan (SECP) for appointment of Chief Executive and recommends at least three candidates to the Federal Government for its concurrence.
The post of Managing Director, ISGSL fell vacant on May 12, 2020, owing to the resignation of the then MD/CEO, ISGSL. Thereafter, the press advertisement for the post of MD/CEO ISGSL was finalized by a Head-Hunting Firm namely, M/s. Abacus Consulting, in consultation with the Board of Directors (BoD) of the Company, and was published in the media.
The Consultant received a total of 120 applications for the said post and after the screening and interview process, recommended thirteen candidates for the position of MD/CEO ISGSL for consideration of the Board. The Board interviewed the twelve available candidates in its 142 meeting held on June 16, 2021.
The Board recommended the following five candidates for consideration of this Division: (i) Waqar Ahmad Khan; (ii) Nadeem Javed Bajwa; (iii) Ms. Tauseef Salma; (iv) Ms. Gulzar Khoja who withdrew her application; and (v) Atif Ghafoor Mirza.
According to sources, in order to add a further layer of scrutiny and to ensure due diligence of the proposed candidates, as envisaged in Section 6 of the Public Sector Companies (Appointment of Chief Executive) Guidelines, 2015, Power Division constituted a high-powered interview committee (HPIC), under the Chairmanship of the Federal Minister for Energy (Petroleum Division) which interviewed the panel of four available candidates and submitted its remarks/observations to the Board of Directors (BoD) of ISGSL for reviewing the matter with respect to the determination of the most suitable candidate for the office of MD/CEO, ISGSL and conveying a panel, in order of preference, as required under Rule 5(2) of the Public Sector Companies (Corporate Governance) Rules, 2015.
The BoD of ISGSL, in its meeting held on August 2, 2021 reviewed the merit order of the short-listed candidates and recommended the following, in order of priority, for appointment of one amongst them as MD/CEO ISGSL, for a period of three years: (i) Nadeem Javed Bajwa; (ii) Ms. Tauseef Salma; (iii) Waqar Ahmad Khan; and (iv) Atif Ghafoor Mirza.
Power Division submitted a summary to the Prime Minister's Office for the appointment of Managing Director/Chief Executive Officer, of ISGSL on August 11, 2021. In response, the Prime Minister directed that the panel be place before the Federal Cabinet, which also approved the name of Nadeem Javed Bajwa as MD ISGSL for three years.
Copyright Business Recorder, 2021
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