Conflict of Interest: Pakistan Stock Exchange chief executive Richard Morin steps down

Pakistan Stock Exchange (PSX) chief executive officer Richard Morin on Tuesday resigned from his post.

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A notification of his resignation was shared on the PSX website.

The board after the emergency meeting approved the decisison according to media reports.

Morin had developed differences with the board, sources added, and the PSX board of director had written a letter to the Securities and Exchange Commission of Pakistan regarding the CEO, alleging that while he was the CEO in Pakistan, he was running a company abroad.

During a meeting of the BoD on May 20, Morin had given a hearing on the show-cause notice served to him for alleged breach of employment contract by simultaneously operating his own wealth management company while being employed by the PSX.

Archer Wealth Management, a Montreal-based firm that identifies itself as ‘independent financial advisers’ had Morin as the CEO of the company and chairman of its board.

Morin joined the PSX as the first-ever non-Pakistani chief executive officer of the market in January 2018 during PML-N’s tenure.

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