Former State Bank of Pakistan (SBP) governor and ex-caretaker finance minister Dr Shamshad Akhtar was appointed as chairperson of the Pakistan Stock Exchange (PSX) Board of Directors.

“Please be informed that Dr Shamshad Akhtar, an Independent Director, has been appointed as the Chairperson of the Board of Directors of Pakistan Stock Exchange Limited for the Board’s term of three years that commenced on April 19,2024,” read a PSX statement on Tuesday.

Pakistan economy to grow by 2-2.5% this year, says Dr Shamshad

The process of election, nomination and appointment of directors of PSX is specified under the Companies Act, 2017, the Securities Exchanges (Licensing and Operations) Regulations, 2016 (the Regulations) and the Articles of Association of PSX. The Regulations mandates the number of independent directors to be not less than one-third of the total directors of the Board.

The Board has been constituted following compliance of all regulations applicable to listed companies. PSX being a self-listed securities exchange and frontline regulator of listed companies, has complied with all laws, rules and regulations to which it is subject.

Shamshad Akhtar appointed as first female Chairperson of PSX Board

Dr Shamshad was appointed caretaker finance minister last year in August, and served till the general elections in February.

She also served as SBP governor from January 2, 2006 for a three-year term, becoming the first woman to head the country’s central bank. Prior to her appointment as SBP governor, Dr Shamshad served the Asian Development Bank (ADB) as its Director General, Southeast Asia Department since January, 2004.

Earlier, she was Deputy Director General of the Department. She also held the position of Director, Governance, Finance and Trade Division for East and Central Asia Department of ADB.