Karachi: Pakistan Reinsurance Company Limited (PRCL) is undergoing a transition in its leadership, following the retirement of its former Chairman, Mr. Mumtaz Ali Rajper, who stepped down as a director after the Extraordinary General Meeting for the Election of Directors held on December 20, 2024. This development has led to a temporary change in the chairmanship of the company as it awaits a formal appointment by the federal government.

In compliance with Section 15(2) of the State-Owned Enterprises (Governance and Operation) Act, 2023, alongside Para 24(k) of the State-Owned Enterprise Ownership and Management Policy, 2023, the new Chairman of the Board of this state-owned entity must be appointed by the Federal Government from among the Independent Directors. As such, PRCL has formally requested the Federal Government, through its respective Ministry, to appoint a new chairman.

To maintain continuity in governance, during a board meeting on March 3, 2025, the board delegated Mr. Shoaib Mir, an Independent Director, to preside over board meetings as interim chairman. This measure is intended to ensure the smooth conduct of board proceedings until the Federal Government finalizes the appointment of a permanent chairman from the pool of Independent Directors.

According to information available from the Pakistan Stock Exchange (PSX), PRCL's operations are categorized under the designated market of insurance and reinsurance services. The temporary leadership arrangement will allow the company to maintain its operational effectiveness during this interim period.

PRCL has also informed the TRE Certificate Holders of the Exchange about this temporary leadership transition to keep all stakeholders updated on the company's governance structure. The company is expected to continue functioning as usual while awaiting the formal appointment by the Federal Government.