ISLAMABAD/KARACHI: Another meeting of the board of directors (BoD) of K-Electric (KE) ended without a resolution on Thursday as divisions among shareholder representatives deepened and tensions flared inside the boardroom.
The crucial meeting, which was expected to finalise the selection process for a new chief executive officer (CEO), began on schedule but was abruptly adjourned after just six minutes following the boycott by one group of directors.
Despite having a numerical majority, directors representing the Aljomaih and Kuwaiti shareholder groups walked out midway through the meeting, leaving five government and AsiaPak-nominated directors behind and effectively collapsing the session.
According to participants, the meeting began at 2pm with quiet anticipation but quickly turned tense as rival camps clashed over governance matters and leadership changes. However, the meeting ended at 2:06pm.
Sources privy to the matter added that tensions ran high during the meeting, with both sides exchanging strong remarks. One faction alleged that the board was preventing K-Electric’s management from performing its functions effectively, prompting them to stage a walkout in protest.
Secretary of Finance Imdad Ullah Bosal did not attend the meeting, while Secretary of Power Dr Fahre Alam Irfan participated and reportedly expressed disappointment over the strained atmosphere. He urged board members to resolve differences amicably and avoid dragging internal disputes into the company’s affairs.
Sources said Board Chairman Mark Skelton appeared under pressure, with some directors alleging he was receiving “external advice” and shifting his position on key issues during the session. This perception, they added, contributed to the growing mistrust among members.
Representatives of Sheharyar Chishty’s AsiaPak group maintained that BoD meetings would continue to be convened weekly until all pending agenda items, including the CEO’s status and senior management appointments, were resolved.
The meeting also failed to conclude the appointment of a new chief distribution officer (CDO), despite the candidate having recently cleared a criminal case that had previously delayed his nomination.
Before leaving, one of the directors from the majority faction read out a prepared statement on behalf of five members.“Our collective focus must remain on serving the people of Karachi with safe, reliable, and uninterrupted power, not on internal politics,” the statement said.
“In these circumstances, it would not be proper for the meeting to proceed or for any agenda item to be passed or rejected under such conditions.”Following the statement, the five directors left the room one after another, leaving behind an equal number of government and AsiaPak nominees -- and no quorum to continue.
