The Federal Cabinet has appointed Irfan Bukhari as Chief Executive Officer (CEO), Export Import of Bank of Pakistan (EXIMBP) for three years subject to clearance of Fit and Proper Test (FPT) from the State Bank of Pakistan, well informed sources in Commerce Ministry told Business Recorder.
The Cabinet has also directed the Finance Division that in future FPT clearance of all the candidates in the panel be obtained from SBP prior to placing the panel before the Cabinet for approval, the sources added.
Sharing the background, the sources said, the government has set up Export Import Bank of Pakistan (EXIMBP) as a Development Financial Institution (DFI). Chief Executive Officer (CEO) of the Bank is to be appointed by the Federal Government in terms of article 77 of the Articles of Association.
The advertisement of the post of CEO of EXIMBP was published in national newspapers on May 31, 2019. In response, 13 applications were received. After assessment of the credentials of candidates with reference to educational qualification and relevant experience, the short-listing committee shortlisted five candidates.
The Selection Committee, comprising of Advisor to the Prime Minister on Finance and Revenue, Advisor to Prime Minister on Institutional Reforms and Austerity, Advisor to Prime Minister on Commerce, Industries and Production and Investment, Secretary Finance and Secretary Establishment interviewed the five candidates. The Committee assessed the candidates on the basis of the professional knowledge, work experience, leadership qualities and communication skills required for the position of CEO, EXIMBP.
The Committee unanimously recommended the following panel of three candidates, in order of merit, for appointment against the post of CEO, EXIMBP ;(i) Irfan Bukhari ( Principal) ;(ii) Shahbaz H. Syed ( alternate-1) and ;(iii) Hassan Raza ( alternate-2).
Subsequently, the State Bank of Pakistan was consulted in terms of section 11(3) (a) of the Banks (Nationalization) Act, 1974 to get its views about the fitness of the selected candidates. In respect of the top two candidates i.e. Irfan Bukhari and Shahbaz H. Syed, the SBP has stated that the equivalence of the current and past positions held by them could not be precisely determined in the absence of detailed information and the candidate ranked third in order of merit i.e. Syed Hassan Raza meets the Fit and Proper Test (FPT) criteria in terms of age, qualification and experience.
Furthermore, SBP has stated that the said views/ comments shall not be construed as clearance or otherwise of persons under FPT criteria. Any person, if appointed/ nominated will invariably seek final clearance of SBP under FPT criteria.
Since, the SBP has not given a final view on the three candidates and will provide such opinion at the time of FPT clearance; all three candidates are eligible for appointment subject to final FPT clearance from SBP which will be carried out after the Cabinet has made its decision.
Accordingly, Finance Division proposed to the Federal Cabinet to appoint Iran Bukhari as the CEO, EXIMBP for the term of three years, subject to final FPT clearance by SBP, on the salary package.
In case the principal candidate does not accept offer of appointment within a period of 15 days from the date of issuance of appointment notification, the offer of appointment will be issued to the alternative candidate-1 i.e. Shahbaz H. Syed and if he also does not accept the offer of appointment within 15 days, the offer of appointment will be issued to the alternate candidate-2 i.e. Hassan Raza on the same salary package as offered to the principal candidate, subject to final FPT clearance by SBP.
While approving the proposal to give offer to Irfan Bukhari, the Cabinet also directed Finance Division that in future FPT clearance of all the candidates in the panel be obtained from SBP prior to placing the panel before the Cabinet for approval.
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