Cabinet approves the appointment of the President of the BoD FWBL to Najeeb Agrewalla

ByShehryar Makhdoom | Published date:

The Federal Cabinet approved the appointment of Najeeb Agrewalla as President of the Board of Directors of First Women Bank Limited upon proposal from the Minister of Finance. Sources indicated that the Ministry of Finance proposed the appointment of one President and Five Independent Managers of the FWBL Board to the Federal Cabinet.President Najeeb Agrawala is Sindh's while independent director Bushra Ehsan (KPK), Sabiha Sultan (Sindh), Akbarali A. Pesnani (Balochistan), Wajahat Rasul Khan (Israel Federal Capital), and Neghmana Alamgir Hashmi from Punjab are the independent directors. The Federal cabinet ordered the Finance Section in the last month to revisit the appointment to various boards of ex officio; after that, the Finance Department excluded from the proposed committee the Joint Secretary MoF, added the sources. Sources indicated that the committee of FWBL has been dysfunctional, as the committee is incomplete and Sumbal Munir is currently the only FWBL board director. The private shareholders of the bank elected her. Itshould be noted that, pursuant to Section II(1)(b) of the Act 1974 on Nationalization of the Bank, the Board of FWBL shall consist of no fewer than five and no more than seven members (not the chairman and president) and the Federal Government shall designate the chairman, the president or the members of the Board for a term of three years, in consultation with the State Bank of Pakistan.