Board

The Federal Government through itssss notification dated 9th August, 2023, appointed the following persons as Chairman and Members of AOB for a period of three yeas:

Note: Mr. Shahid Ghaffar has resigned as a Member from the Audit Oversight Board on 25 March 2024.

Mr. M. Zafar ul Haq Hijazi

Chairman

Mr. M. Zafar ul Haq Hijazi is a Chartered Accountant with a distinguished career, encompassing diverse roles within the professional landscape. Significantly, he has also taken on crucial roles within the apex regulatory authority overseeing Pakistan’s capital markets, as Commissioner and then as Chairman of SECP.

Mr. Hijazi played an instrumental role in amending and introducing critical legislation of the Companies Act of 2017, replacing Companies Ordinance of 1984. This landmark legislation stands as the most comprehensive and intricate statute relating to the corporate sector in Pakistan’s parliamentary history. The Act represents a paradigm shift by replacing archaic regulations, some dating back over three decades, with contemporary and progressive provisions. This transformation has ushered in anew era of modernized corporate governance in Pakistan.

In addition, Mr. Hijazi has been a driving force behind key legislative measures, including the Securities Act of 2015, which supplanted the obsolete Securities and Exchange Ordinance of 1969. These efforts have empowered stakeholders with updated legal frameworks, enhancing their operational effectiveness. His contributions extend to laws and acts such as the Future Markets Act of 2016, the SECP (Amendment Act) of 2016, the Corporate Restructuring Companies Act of 2016, and the Limited Liability Partnership Act of 2017. His engagement also encompasses the formulation of subsidiary regulations, encompassing rules and regulations vital for the effective functioning of the regulatory landscape.

Furthermore, Mr. Hijazi’s involvement spans beyond legislation drafting. He played a pivotal role in shaping the legislations for Insurance and Modaraba sectors of Pakistan, aligning them with the evolving needs of the corporate sector.

Mr. Hijazi’s resolute efforts led to integrating three stock exchanges of Pakistan to form PSX which emerged as one of the best-performing markets of Asia from its early period. It paved a way for Pakistan to be classified as an Emerging market by Morgan Stanly Capital International (MSCI), a distinction previously lost in 2008. The revival of activities such as divestment, and listings, considered dormant for over a decade and a half, was made possible through collaborative stakeholder efforts.

The International Organization of Securities Commissions (IOSCO) acknowledged the rigorous reforms, elevating Pakistan’s capital market compliance to 82 percent with international transparency standards, a significant leap from the previous assessment of 32 percent.

Under his stewardship, the AOB was established as an independent audit regulator, dedicated to overseeing the quality of audits of public interest companies. This step reinforces transparency, accountability, and efficiency, safeguarding the integrity of financial disclosures provided to stakeholders.

Mr. Tariq Iqbal Khan

Member

Mr. Tariq Iqbal Khan is a Fellow Chartered Accountant and has held numerous key positions including President Islamabad Stock Exchange, Member Federal Board of Revenue, Commissioner and Acting Chairman SECP, Chairman National Investment Trust Limited (NITL), Chairman Attock Refinery Limited, Chairman Sui Northern Gas Pipelines Limited, Director DCR-VIS Credit Rating Agency Limited, Director Central Depository Company Limited, Chairman Pakistan Banking Association. He also served on the Boards of numerous listed and unlisted companies, including Pakhtunkhwa Energy Development Organization (PEDO) and Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) as Chairman. He is currently serving Packages Converters Limited as Chairman.

Mr. Muhammad Naeem

Member

Mr. Muhammad Naeem is a Chartered Accountant by profession since 1967 both in individual capacity and as a former partner of Muniff Ziauddin & Co. He is a fellow member of ICAP and also qualified as a CPA from the State of California in 1976. At ICAP, he has served as Council Member, Vice President and as a member of the QAB.

Mr. Naeem holds a Master’s degree in Business Administration from the Institute of Business Administration, Karachi and a Bachelors in Commerce Degree with Honours from Hailey College of Commerce, Lahore.

Mr. Naeem has been appointed at important positions in Pakistan’s financial market. He has served as a Director of one of Pakistan’s largest bank, National Bank of Pakistan, as well as PSX. He served as Chairman of Audit Committee in both these institutions.

He has also remained the Chairman of former Lahore Stock Exchange (LSE). At LSE, he was nominated as the Chairman, Funds Committee. Mr. Naeem has also served as the Vice President and member of Executive Committee of Lahore Chamber of Commerce & Industry SECP also nominated Mr. Naeem as the Chairperson of Small Disputes Resolution Committee. Moreover, he has also served as the Council member & Vice President of Lahore Tax Bar Association. Mr. Naeem has also served as Treasurer of Pakistan Cricket Board as well as Asian Cricket Council.

Previously, Mr. Naeem served as a Member of the AOB and Convener of its Audit and Finance Committee from December 2016 – February 2019.

Mr. Azhar Iqbal Kureshi

Member

Mr. Azhar Kureshi possesses a wealth of experience in various key roles across the financial and regulatory sectors with demonstrated expertise in governance, strategic policymaking, and regulatory compliance. With a career spanning over 35 years in Pakistan, UK and USA covering all aspects of domestic and international banking, navigating complex financial systems and fostering growth and innovation in global institutions culminating to being Area Manager Europe in Correspondent Banking based in UK. Mr. Kureshi holds an MBA degree from USA and professional banking qualifications from UK and Pakistan.

Mr. Kureshi joined State Bank of Pakistan in 1997 and over the years, he has held the positions of Director Banking Inspection Department, Director Exchange Policy Department and Director Governor’s Office remaining extensively involved in all aspects of banking policy, regulations and supervision that defined the country’s financial and regulatory landscape. He was also deputed as the first Director General of Financial Monitoring Unit (FMU) playing a major role in shaping country’s AML/CFT regime, related legislation and developing and maintaining interface with counterparts globally. Mr. Kureshi later assumed the positions of Executive Director Development Finance Group and Executive Director Operations Group in SBP, playing a pivotal role in evolving the country’s policies of financial inclusion, payment systems and a wide range of issues involving financial strategy, risk management, corporate governance.

Mr. Kureshi also served as Director on the Board of HBFC for three years where he headed various committees defining and evolving institutional ethos and financial turnaround.

Mr. Tahir Hassan Qureshi

Member

Mr. Tahir Hassan Qureshi is a seasoned professional with a diversified experience of over 33 years including 28 years of experience in banking, holding senior positions (Chief Executive Officer/President, Chief Operating Officer, Chief Financial Officer and Chief Internal Auditor) including Non- Executive /Independent Directorships.

He is a Fellow member of ICAP, Member Chartered Institute of Public Finance & Accountancy UK, Fellow member Institute of Banker Pakistan and Diplomate Islamic Banking.

He is a Certified Director and Independent/Non-Executive Director on Public and Private Sector Companies, Member of AML Supervisory Board and remained Member of Appellate Board of ICAP.

Mr. Adnan Afaq

Member

Mr. Adnan Afaq is a Chartered Accountant by qualification and a Banker by profession, with 35 years of experience. He sits on several boards contributing in areas such as reorganization, revisiting performance evaluation criteria, setting up of business units, transition of multi-generational family businesses and inculcating a superior culture.

In his life, he has set up a bank and two financial institutions. Mr. Afaq’s contribution to nation building has come through his work with local regulatory bodies on key policy issues, including the SBP, Accounting Standards Board, QAB and SECP. He has also worked with several Foreign Governments including Iran, Sri Lanka & Bangladesh, which paved the way for regulatory developments and settingup of Credit Rating Agencies in these markets.

He teaches both students at university level including LUMS and professionals, Chartered Accountants, Bankers, and Directors.

Following the 2005 earthquake, he rebuilt a village of 160 homes near Balakot and during COVID-19 provided ration support in Gulmit-Hunza to over 1,000 individuals.

In 2016, he co-founded a startup whereby he has actively worked to change the narrative of Pakistan by inviting tomorrow’s global leaders for policy dialogue and people-to-people exchange. He now lives in Hunza where he has set up a resort, and arranges high-end adventure tours.

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