KE Board…. thank you. We are leaving the meeting

ISLAMABAD Another meeting of the Board of Directors (BoD) of K-Electric, primarily convened to decide on the removal of Chief Executive Officer (CEO) Syed Moonis Abdullah Alvi, ended without a resolution due to serious differences among members representing various shareholders.
Despite having a numerical advantage in the meeting, the group opposite group of Sheharyar Chishty of AsiaPak announced its willingness to settle all matters related to the utility outside the Board. Secretary Finance, Imdad Ullah Bosal, did not attend the meeting.
Secretary Power, Dr. Fahre Alam Irfan, who participated in the session, was reportedly disappointed with the tense atmosphere and stressed that the issues should be resolved amicably.
There was also an impression among attendees that Board Chairman Mark Skelton was receiving external advice and expressing varying viewpoints on the same issue to different directors.
The matter of appointing a new Chief Distribution Officer (CDO) also remained unresolved, even though one of the shareholders had succeeded in having the FIR scrapped against the new candidate.
After the minutes of the previous meeting were approved, one of the directors read out a prepared statement. Following the statement, five directors left the meeting, despite holding a majority over the four government and Chishty-nominated directors who remained.
The statement read:
“Mr. Chairman, we are all present at this meeting out of respect for our positions as board members, exercising our best fiduciary judgment on behalf of the company we are honored to serve. Each of us has independently reached our own conclusions but has asked me to speak collectively on our behalf.
This is not the time for K-Electric to be drawn into internal politics. Our collective focus must remain on serving the people of Karachi with safe, reliable, and uninterrupted power, while ensuring the company’s long-term sustainability.
Matters pertaining to shareholder or board member differences should be addressed outside the forum of the Board. Out of respect for the integrity of this institution, we do not believe it is appropriate for the Board to reach an impasse of five votes for and five against, or for individuals with potential conflicts of interest to leave the room or avoid agenda items due to possible contempt of court proceedings.
In these circumstances, we believe it would not be proper for the meeting to proceed or for any agenda item to be passed or rejected under such conditions. Our decision is made in the best interest of K-Electric. Thank you. We are leaving the meeting.”