Pakistan Stock Exchange CEO Richard Morin resigns

[Devil Soul]

Pakistan Stock Exchange CEO Richard Morin resigns
Talqeen ZubairiUpdated May 28, 2019
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Pakistan Stock Exchange (PSX) managing director and chief executive officer Richard Morin on Tuesday resigned from his post. — PSX website/File

Pakistan Stock Exchange (PSX) chief executive officer Richard Morin on Tuesday resigned from his post.

A notification of his resignation was shared on the PSX website.

According to DawnNewsTV, an emergency meeting of the PSX Board of Directors (BoD) was held today during which Morin submitted his resignation. It was approved by the board.

Morin had developed differences with the board, as per DawnNewsTV, and the PSX board of director had written a letter to the Securities and Exchange Commission of Pakistan regarding the CEO, alleging that while he was the CEO in Pakistan, he was running a company abroad.

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During a meeting of the BoD on May 20, Morin had given a hearing on the show-cause notice served to him for alleged breach of employment contract by simultaneously operating his own wealth management company while being employed by the PSX.

Archer Wealth Management, a Montreal-based firm that identifies itself as ‘independent financial advisers’ had Morin as the CEO of the company and chairman of its board.

Responding to the PSX Board, Morin maintained that there was no wrongdoing and he had declared his interest in Archer Wealth Management at the time of taking up his position at the PSX.

Morin joined the PSX as the first-ever non-Pakistani chief executive officer of the market in January 2018 during PML-N's tenure.

Profile
Morin earned Bachelors in Economics in 1982 from University of Montreal and Masters in Business Administration in 1988 from McGill University. He also passed "Canadian Securities Course" in 1984 and "Partners, Directors and Officers Examination" in 2000 from Canadian Securities Institute. Recently, he has also passed "Chief Compliance Officer Examination".

He also served as a lecturer at Université de Sherbrooke where he taught capital market structure as part of "Graduate Finance Programme".

During his term at the Montreal Exchange from 1984 to 1995, he held various key positions such as vice-president operations - derivative products, director market quality, director market development and as a listing officer.

For two years, he also headed the Stock Exchange of Mauritius. For over a year, from 1998 to 1999 he was appointed as the chief of mission of Regional Stock Exchange of West Africa to devise a strategic plan.

From 1999 to 2001 Morin served as Vice-president of National Bank Securities, the mutual funds and discount brokerage subsidiary of the National Bank of Canada, where he managed client assets of $5 billion. In 2002, he co-founded Landry Morin inc offering investment management services to private and institutional clients.

He was also appointed as the managing director of Investment Industry Association of Canada (IIAC) from 2013 to 2015 where he led the investment industry's advocacy and lobby efforts in the areas of listed and OTC derivatives and online brokerage. In 2015, he established Archer Wealth Management inc and served as a CEO and CCO offering wealth management services to private clients.

 

[war&peace]

WTF ...why a non-Pakistani was heading PSX. Good riddance.

 

[Mage]

WTF ...why a non-Pakistani was heading PSX. Good riddance.

I think CEO of stock market should have good knowledge about nation's economy. When Dhaka stock exchange crashed it had an Australian CEO. He couldn't do anything.

Pakistan can make Asad Umar CEO of stock exchange. He has experience as a CEO. Also knows about the economy. BD's current finance minister used to be the CEO of Chittagong Stock Exchange. This kind of things work. Giving a foreigner who don't have much idea about Pak economy to manage Pak stock market is a bad idea.

 

[RoadRunner401]

I was going to ask the same, Mother.Fcukers can't find a qualified Pakistani national to do this Job!!!!!!!!!!!!!!!!

 

[war&peace]

I think CEO of stock market should have good knowledge about nation's economy. When Dhaka stock exchange crashed it had an Australian CEO. He couldn't do anything.

Pakistan can make Asad Umar CEO of stock exchange. He has experience as a CEO. Also knows about the economy. BD's current finance minister used to be the CEO of Chittagong Stock Exchange. This kind of things work. Giving a foreigner who don't have much idea about Pak economy to manage Pak stock market is a bad idea.

Also, it is a very sensitive post and can influence the economy or investment in the country. We need a qualified local and we have plenty including Asad Umar. Also we have a bad experience with a foreigner CEO in PIA who was a corrupt and stole one of PIA's airplane B737 and sold it at peanuts in Germany and he was a German as$hole. He didn't do anything to make PIA better.

PTI installed a new CEO, a retired AM Arshad Malik as the CEO and president of PIA and he has done a great job within a short duration and PIA reached break even in operational costs within 4 months of his appointment.

 

[Asian.Century]

Pakistan Stock Exchange CEO Richard Morin resigns
Ashraf Khan
3 hours ago

Pakistan Stock Exchange CEO Richard Morin resigned on Tuesday.

The board of directors has accepted his resignation too.








He was appointed to the post in January 2018. Morin was the first-ever non-Pakistani to serve on the post. He was serving as the chairperson of listing and voluntary de-listing committee, and was as a member of IT & IS Steering Committee and IT Procurement Committee too.

At PSX, besides being the Managing Director, Mr. Morin is also serving as the Chairman of Listing and Voluntary De-Listing Committee and as the member of IT & IS Steering Committee and IT Procurement Committee.

Related: Pakistan Stock Exchange ends week on a positive note

Six members of the board raised their reservations over his appointment. They said that he was appointed for three years and he made many promises but failed to fulfill them. According to them, Morin had promised to bring in foreign investors but he didn’t meet the set targets because of which the stock exchange faced a lot of difficulties.

Morin has over 30 years of experience in capital markets and financial services in emerging markets and in Canada, according to the Pakistan Stock Exchange website. He started his career at the Montreal Exchange where he held various positions of increasing responsibility in equities and derivatives.

He earned a Bachelor’s degree in Economics from the University of Montreal and an MBA from McGill University.

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[Verve]

Woh!

Good riddance.

 

[Abdussamad]

Pakistan is a dangerous place to live so the only foreigners we are going to get are these sort. The owners probably didn't pay him enough so he had to work two jobs.

WTF ...why a non-Pakistani was heading PSX. Good riddance.

PSX itself is not owned by Pakistanis. It is owned by the Shanghai stock exchange.

Pakistan can make Asad Umar CEO of stock exchange.

Umar is busy working for the government. Besides he has no experience managing a stock exchange or in finance. He also has a habit of making unnecessary public statements which is a very bad habit because it can move markets. He did it as FinMin too.

 

[RIP Pak LAW]

WTF ...why a non-Pakistani was heading PSX. Good riddance.

to bring international investment

 

[war&peace]

to bring international investment

Did any come?

 

[ps3linux]

WTF ...why a non-Pakistani was heading PSX. Good riddance.

When that bas*ard Munshi dar de-mutualized stocks exchanges 40% stake was sold to chinese. Morin was brought in with the commitment to bring in foreign investment and introduce new products, he not only failed but the foreign investment rather flew out of pakistan, there has been serious manipulation in the recent months in PSX and as CEO it was his responsibility to control it yet he failed. Besides there was a matter of serious conflict on interst as he was CEO of an Austrian Wealth Management firm as well, he did not resign, three show cause notices were served to him in order to satisfy the board regarding conflict of interest and he failed to satisfy the board, finally was asked to resign oh did i mention that chinese directors were still behind him, board's decision was not unanimous as only pakistani members voted against him.

 

[war&peace]

When that bas*ard Munshi dar de-mutualized stocks exchanges 40% stake was sold to chinese. Morin was brought in with the commitment to bring in foreign investment and introduce new products, he not only failed but the foreign investment rather flew out of pakistan, there has been serious manipulation in the recent months in PSX and as CEO it was his responsibility to control it yet he failed. Besides there was a matter of serious conflict on interst as he was CEO of an Austrian Wealth Management firm as well, he did no resign three show cause notices were served to him and he failed to satisfy the board, finally was asked to resign oh did i mention that chinese directors were still behind him.

excellent
especially this info

he did no resign three show cause notices were served to him and he failed to satisfy the board, finally was asked to resign

 

[Turingsage]

to bring international investment

You can forget about international investment for the foreseeable future both Dagha and Morin saw the writing on the wall as SBP governor, a IMF puppet, and Sheikh, the PPP facilitator, have ripped the heart out of what little FDI was likely to come Pakistan's way. There is absolute panic and headless chickens clucking in govt
Govt removes finance secretary Younus Dagha weeks before budget
By News Desk
Published: May 23, 2019
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Mohammad Younas Daga. PHOTO: EXPRESS

The government on Thursday removed Mohammad Younus Dagha as finance secretary weeks before the presentation of federal budget after Dagha developed differences with the finance adviser over the International Monetary Fund (IMF) programme.

In place of Dagha, the government has appointed Naveed Kamran Baloch as new finance secretary. Baloch has served with Sindh Chief Minister Syed Murad Ali Shah in the past.

In February this year, Baloch had been removed from the post of Khyber-Pakhtunkhwa chief secretary. Later, he was appointed the Cabinet Division secretary. Dagha’s removal from the post was also not in line with the policy that the government of Prime Minister Imran Khan had made to ensure security of the tenures of federal secretaries. PM Imran had appointed Dagha as federal secretary two months ago.

According to the policy, a federal secretary will have a two-year secured tenure, but he can be transferred after six months if the government is not satisfied with his performance. Dagha was removed two months and two days after his appointment as finance secretary.

Only a ministerial committee can recommend the appointment or transfer of a federal secretary aimed at minimising political interference in administrative affairs of the ministries.

The government did not assign any new responsibility to Dagha and he has been asked to report to the Establishment Division. He has been removed just three weeks before the presentation of next fiscal year’s budget. The removal of the finance secretary is the third major change in the government in the past six weeks. Earlier, the government removed the finance minister and State Bank of Pakistan (SBP) governor.

Dagha’s removal may also undermine the ongoing budget preparation as both the adviser and the secretary are new in the Q-block. Dr Abdul Hafeez Shaikh on Thursday chaired a meeting to review the budget framework for the year 2019-20, which would be presented in the National Assembly on June 11. According to sources and media reports, Dagha did not accept some of the conditions that the IMF proposed for the $6-billion bailout package. Due to this, he had been sidelined during policy-level talks with the IMF.

They said the programme had been finalised by Shaikh, new SBP Governor Dr Reza Baqir and IMF’s mission chief Ernesto Rigo.

Dagha is considered the best officer in the given lot of the federal bureaucracy. His appointment as finance secretary had been hailed due to his strong credentials.

In a separate notification, Naveed Kamran Baloch, previously posted as the Cabinet Division secretary, was appointed the finance secretary. Maroof Afzal, posted as the information technology and communications division secretary, has been made the new Cabinet Division secretary. The government, however, did not seek approval of the ministerial committee before appointing Baloch as the new finance secretary.

Baloch was among the three panelists along with Dagha and Shoaib Siddiqi when the ministerial committee picked Dagha as the finance secretary in March this year.

Published in The Express Tribune, May 24th, 2019.