The Federal Cabinet approved the appointment of Najeeb Agrewalla as Chairman of the Board of Directors of First Women Bank Limited on the recommendation of the Ministry of Finance.
According to sources, the Finance Ministry has requested to the federal cabinet that one chairman and five independent directors be appointed to the board of directors of FWBL.
Najeeb Agrawala is from Sindh, while the independent directors are Bushra Ehsan (KPK), Sabiha Sultan (Sindh), Akbarali A. Pesnani (Balochistan), Wajahat Rasul Khan (Federal Capital Islamabad), and Punjab’s Neghmana Alamgir Hashmi.
According to sources, the FWBL board was dysfunctional since it was incomplete, with Sumbal Munir serving as the sole director. She was elected by the bank’s private shareholders.
The federal cabinet asked the financial division last month to rethink nominations of ex-officio members to other boards in the future; as a result, the Ministry of Finance withdrew the Joint Secretary of the Ministry of Finance from the proposed board, the sources noted.
It is pertinent to note that pursuant to section II (1)(b) of the Banks (Nationalization) Act 1974, the board of directors of FWBL shall consist of not less than five and not more than seven members (excluding the chairman and president), and the federal government shall appoint the chairman, president, and board members for three-year terms in consultation with the State Bank of Pakistan.