KARACHI: Zafar Masud, who has just been appointed chairman of the Oil and Gas Development Company Limited (OGDCL), will continue to hold his position as the president of the Bank of Punjab (BoP). Masud has been heading the bank for one year, and his election as the OGDCL chairman has raised concern about how one person can lead two important organisations simultaneously.
The Oil and Gas Development Company Limited announced that its Board of Directors (BoD) has elected Zafar Masud as chairman of the board for a term of three years. OGDCL, in a letter dated March 31 informed the Pakistan Stock Exchange (PSX), and London Stock Exchange Plc about the appointment.
“He has been on board of many institutions already,” Asad Zia, media coordinator of the Bank of Punjab told The Correspondent in a phone interview today. “It is in accordance with the regulations, as a person can serve as president at one place and chairman of the board in another organisation. Both are different responsibilities.”
Masud has been a member of board in many other companies and institutions such as the State Bank of Pakistan, Gadoon Textile, and Monetary Policy Board, he added.
The statement issued by the OGDCL said that before the appointment of the chairman, eleven directors of the company were elected for a term of three years at its 11th Extraordinary General Meeting held on March 17. These are Syed Khalid Siraj Subhani, Mian Asad Hayaud Din, Mather Niaz Rana, Kamran Ali Afzal, Mumtaz Ali Shah, Muhammad Haroon ur Rafique, Zafar Masud, Akbar Ayub Khan, Muhammad Riaz Khan, Shamama Tul Amber Arbab, and Jahanzaib Durrani.
OGDCL is an oil and gas exploration company. It has a primary listing on the PSX and a secondary listing on the London Stock Exchange. Established in 1961 by the government of Pakistan, it was turned into a public listed company on October 23, 1997. The company is involved in exploring, drilling, refining, and selling oil and gas in Pakistan. It is the market leader in terms of reserves, production, and acreage.
The government of Pakistan holds 74% stake in the company, while the rest are held by private investors. It is the largest company in Pakistan in terms of market capitalisation and has repeatedly ranked among the Forbes Global 2000.
Zafar Masud will remain the company’s chairman for the next three years, and observers look forward to knowing whether a person not from the oil sector can successfully lead the organisation.