MCB Bank Announces Unopposed Election of Directors for 2024-2027 Term

Lahore, In accordance with Section 159(4) of the Companies Act, 2017, MCB Bank Limited has announced the unopposed election of its board of directors for the term commencing on March 27, 2024. The notification, set to be published in the “Business Recorder” and “Jang” newspapers on March 19, 2024, outlines the election process that took place under the guidelines of the Listed Companies (Code of Corporate Governance) Regulations, 2019.

The bank disclosed the names of twelve members who have expressed their intention to serve as directors, including Mian Mohammad Mansha, Mr. Muhammad Tariq Rafi, Mian Umer Mansha, Mrs. Iqraa Hassan Mansha (Female Director), Mr. Muhammad Ali Zeb, Mr. Mohd Suhail Amar Suresh Bin Abdullah, Mr. Yahya Saleem (Independent Director), Mr. Salman Khalid Butt (Independent Director), Mr. Masood Ahmed Puri (Independent Director), Mr. Shahzad Hussain (Independent Director), Mr. Shariffuddin Bin Khalid, and Shaikh Muhammad Jawed. These individuals will assume their roles following the 76th Annual General Meeting scheduled for March 27, 2024, which will be accessible via a Zoom Link facility.

The bank has made the profiles of these candidates available on its official website, highlighting their diverse experiences, competencies, and the requisite knowledge and skills for their roles. The nominees also fulfill the criteria set forth in Section 166 of the Companies Act and the regulations issued by the State Bank of Pakistan, ensuring their suitability for governance and oversight responsibilities.

This election comes after the board determined that the number of candidates did not exceed the prescribed number of directorships available, thereby deeming these twelve nominees elected unopposed for a three-year term. The seamless election process underscores MCB Bank’s commitment to transparency and good corporate governance, reinforcing its position within the financial sector of Pakistan.