The Federal Cabinet on the proposal of the Ministry of Finance gave the approval to appoint Najeeb Agrewalla as the Chairman Board of Directors of First Women Bank Limited.
Sources told Propakistani that the Finance Ministry has proposed to the federal cabinet to appoint one chairman and five independent directors of the board of FWBL.
The chairman Najeeb Agrawala belongs to Sindh while the independent directors include Bushra Ehsan (KPK), Sabiha Sultan (Sindh), Akbarali A. Pesnani (Balochistan), Wajahat Rasul Khan (Federal Capital Islamabad) and Neghmana Alamgir Hashmi from Punjab.
Sources added that the FWBL’ board was dysfunctional since the board was incomplete and presently Sumbal Munir is the only director on the board of FWBL. She has been elected by the private shareholders of the bank.
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The federal cabinet last month had directed the finance division to reconsider the nomination of ex-officio members in various boards in the future; subsequently, the Ministry of finance excluded the Joint secretary MoF from the proposed board, added the sources.
It is pertinent to note that as per section II (1)(b) of Bank’s (Nationalization) act 1974, FWBL’s board shall consist of not less than five and not more than seven members (excluding chairman and President) and federal government in consultation with the State Bank of Pakistan appoint the chairman, president as well as board members for a term of three years.
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