There have been many attempts by certain quarters to tag the extension of Mr. Moin Raza Khan as Chief Executive Officer (CEO) of Pakistan Petroleum Limited (PPL) as illegal and against the law. Explaining the Legality of CEO PPL Moin Raza’s Extension, the sources said, it is quite a legal appointment.
The legal professionals have opined that the appointment of Mr. Moin Raza Khan has been a legal step, which has been taken by the PPL Board of Directors (BoD) as per Company Acts and according to the Securities and Exchange Commission of Pakistan (SECP) Code of Corporate Governance and Company Act, 2017’s Section 187 (iii). It states that if the appointing authorities do not notify the name of the regular CEO- Managing Director (MD) and the same is not approved by the Board by the expiry of the existing CEO’s term, then the existing CEO may continue in the same role beyond the expiry of his term.Moreover, the current CEO is the only geoscientist with both minerals and petroleum experience in the team that is dealing with the Reko Diq Project, hence the extensions.
Source: This news is originally published by propakistani