Government-nominated directors on the K-Electric Board once again failed to bring a leadership change in the company, as other board members blocked the move, and the second board meeting held within ten days ended without any progress.
According to the report, the fresh meeting held on Thursday at the company’s head office in Karachi was convened with the same agenda presented earlier this month—the removal of CEO Monis Alvi from his position.
However, due to intense disagreements between directors representing the government and those from the private sector, the attempt collapsed once again. A number of board members staged a walkout, making it impossible for the resolution to move forward.
Company insiders told Dawn that, unlike the previous meeting held on November 5, Thursday’s meeting began after fulfilling all legal requirements, and the quorum was complete. Nine out of the ten directors were present, although the federal finance secretary could not attend. The proceedings were also recorded as per regulations.
Despite this, the meeting lasted only six minutes. Since the agenda was related to the CEO’s removal, Monis Alvi did not join the session.
Immediately after the meeting began, five directors—Adeeb Ahmed, Mubasher H. Sheikh, Muhammad Kamran Kamal, Saad Amanullah Khan, and Shan A. Ashary—excused themselves and walked out of the room.
As a result, only two government-nominated members—the Power Division Secretary and the director who had requested the meeting, Javed Qureshi—remained present. Board Chairman Mark Gerard Skelton was also inside the building.
After the walkout, the meeting could not proceed, and the effort to remove the CEO failed for the second consecutive time.
Later, K-Electric sent an official communication to the Pakistan Stock Exchange (PSX) titled “Board Meeting Other than Financial Results.”
The company’s statement read:
“In continuation of the notification dated November 7, it is informed that the Board of Directors of the Company, in the meeting held on Thursday, November 13, 2025, deliberated on matters other than the financial results. Kindly inform TRE certificate holders of the exchange accordingly.”
