Chief Executive Officer (CEO) National Insurance Company Limited (NICL) Capt. M. Jamil Akhtar Khan has tendered his resignation on a three-month notice, after the Ministry of Commerce and Textile (Commerce Division) withdrew its summary from the federal cabinet, well informed sources told Business Recorder.
The incumbent NICL Board of Directors (BoD), sources said, has played a key role in the withdrawal of summary from the cabinet sent to remove him from office even though he improved the company's performance. The Board comprises of prominent personalities ie Ameen Bandukda, Kamal Asfar for Secretary Commerce, Ghalib Nishtar CEO Khushhali Bank Limited, S.R. Poonegar former Chief Secretary Balochistan, Dr. Attiya Yasmin Javed Head of Economics and Finance Department Pakistan Institute of Development Economics and Shahban Khalid, former President ICCI.
"I am doing so with a heavy heart as I had accepted this appointment in the supreme national interest with the sincere intention to put this important public sector entity on the right track by utilizing my professional expertise, competence and above all, my unwavering integrity in the best possible way. As things now stand, unfortunately it will be no longer be possible for me to continue," said, Capt. Jamil, in his notice of resignation to the Chairman and BoD of NICL, a copy of which has also been sent to Secretary Commerce Younus Dagha.
Capt. Jamil Akhtar Khan was recommended to be notified as CEO NICL in compliance to section 199-200 of the Companies Ordinance 1984 read with the rule 5(2) of Public Sector Companies (Corporate Governance) Rules 2013 and the Articles of the Company, by the Competent Authority ie BoD NICL on terms and conditions approved by the Prime Minister.
Commerce Division, in its summary to the Cabinet has claimed that during 2016, some irregular appointments were made in NICL. Audit report of May 12, 2017 observed that certain illegal appointments at key positions have been made in the NICL by the management in violation of rules, regulations and directives of the Commerce Division.
However, CEO NICL argued that all the appointments were made by the Board of Directors which was duly represented by the Commerce Division through its Additional Secretary which implies that Commerce Division was taken on board on appointments. The sources said Commerce Division had sent a summary to the Prime Minister through Establishment Division for removal of CEO. On November 7, 2017 Prime Minister's office in its recommendations directed Commerce Division to place summary for the approval of the summary.
CEO claims that his performance has been gauged by the Board of Directors as he performed under the guidance of renowned BoD members, who extended full support to him in turnaround of the company, which was considered as notorious due to previous scandals. When contacted a senior officer of Commerce Division said that the NICL Board decide's about the notice period of CEO's resignation.
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