Karachi: Pakistan Reinsurance Company Limited (PRCL) has announced a leadership transition following the completion of Mr. Shoaib Mir's tenure as Interim Chairman of the Board of Directors. Mr. Mir, who served as Interim Chairman pending the appointment of a regular Chairman by the Federal Government, vacated the position as his three-year tenure as an Independent Director concluded.

In line with Section 15(2) of the State-Owned Enterprises (Governance and Operations) Act, 2023, and Para 24(k) of the State-Owned Enterprise Ownership and Management Policy, 2023, the Federal Government is responsible for appointing the Chairman of the Board of a state-owned enterprise from among the Independent Directors. As a result, PRCL has formally requested the Federal Government, through its line Ministry, to appoint a new Chairman for the Board.

In a meeting held on October 30, 2025, the Board of PRCL temporarily assigned Ms. Maleeha Bangash, an Independent Director, to preside over the meeting as Chairperson to ensure smooth operations. The Company is optimistic about the Federal Government's prompt appointment of a permanent Chairman from the pool of Independent Directors.

According to information available from the Pakistan Stock Exchange (PSX), the transition at PRCL comes amid broader market dynamics. The announcement is expected to be communicated to the Certificate Holders of the Exchange as requested by the Company. The designated market category for PRCL remains unchanged during this period of administrative transition.