The Pakistan Credit Rating Agency Limited

Home  | Contact Us  | 30-May-17
Board of Directors

The Board of Directors of PACRA comprises seven professionals drawn from diverse fields. All Directors, except the Managing Director, are Non-Executive, while three of them are Independent. The day-to-day management of the Company is conducted by the Managing Director subject to the supervision and control of the Board of Directors. PACRA Board plays a pivotal role in ensuring good governance. The Members of the Board have complete freedom to express their opinion and decisions are taken on the basis of a consensus arrived at after detailed discussions. The Members are free to bring up any matter for discussion at the Board Meetings with the permission of the Chairman. The Board's role, functions, responsibility, and accountability are clearly defined. In addition to its primary role of setting corporate goals and monitoring corporate performance, it directs and guides the activities of the Management towards the set goals and seeks accountability with a view to ensure that the corporate philosophy to create long-term sustainable growth that translates itself into progress, prosperity and the fulfillment of stakeholders' aspirations, is accomplished. It sets standards of corporate behaviour, ensures ethical conduct at all times and strict compliance with laws and regulations. Brief profiles of members of the Board are as under:


chairman Major General (R) Zafar Abbas is Chairman of PACRA since 2008. General Abbas commissioned in 1968 in an Armour Regiment of Pakistan Army. He has had an illustrious career with the Pakistan Army spanning over three decades. He also served as Pakistan's Defence Attaché to Bangladesh and Burma. He worked as Director General Anti-Narcotics Force and represented Government of Pakistan in various conferences, forums and seminars around the world. He is Director of Harvester Services (Pvt) Limited Previously, he has served as Chairman, National Fertilizer Corporation of Pakistan; Hazara Phosphate Fertilizer Limited; Ghee Corporation of Pakistan; Institute of Engineering & Fertilizer Research; and National Fertilizer Marketing Limited. General Abbas was awarded with Hilal-e-Imtiaz (Military). He holds a Masters Degree in war studies from Armed Forces War College and another Masters Degree in Strategic studies from National Defence College.


chairman Mr. Adnan Afaq is Chief Executive and Managing Director of PACRA. He joined PACRA in September 2007 as Deputy Managing Director and took over as CEO & MD in January 2008. He is Chairman of PACRA Analytics (Pvt) Limited, a wholly owned subsidiary of PACRA. He is also Chairman of Rating Committee of PACRA. His diverse background, supplemented by comprehensive meetings with top managements of key entities in Pakistan, has helped Mr. Afaq to be a key contributor in final rating decisions. Mr. Afaq is a seasoned professional with three decades of diverse experience related to risk management, finance, operations support, and business management. Mr. Afaq has previously served as Chief Executive Officer of Askari Investment Management Limited. He has also worked as Group Head Strategy & EVP with Askari Bank Limited and as Chief Financial Officer with Prime Commercial Bank Limited. He has been associated with Pak Oman Investment Company, Deutsche Bank and A. F. Fergusson & Company (Chartered Accountants) at senior positions. Mr. Afaq is a Chartered Accountant from England & Wales (ICAEW) and Pakistan (ICAP).


chairman Sheikh Muhammad Iqbal is Director of PACRA since 2005. He is a member of the Audit Committee and the Compensation Committee of PACRA. Mr. Iqbal is a professional with over two decades of diverse experience related to Power Sector, Project Management, Finance and Business Management. Mr. Iqbal is Project Director and Country Representative of AES Pakistan (Pvt) Limited a subsidiary of AES Corp; USA Previously, he has served as Chief Executive Officer of Altern Energy Limited (a listed company owned and controlled by Descon Group). He has also worked as Chief Financial Officer of AES Lal Pir (Pvt) Limited & AES Pak Gen (Pvt) Limited. Mr. Iqbal has been associated with McDonald's Pakistan, Nishat Mills Limited, Punjab Cooperatives Board for Liquidation, and Pakistan Industrial Leasing Corporation Limited at senior positions. Mr. Iqbal is an MBA from Lahore University of Management Sciences (LUMS). He also holds a Masters degree in Botany.


Masood Akbar Mr. Masood Akbar is an accomplished individual with over 40 years of financial industry exposure. He is a Fellow of Institute of Actuaries and Royal Statistical Society London, UK. A Ravian and the first Pakistani and Muslim CFA charter holder.
Masood has worked for AREF Investments Group, Kuwait;for 11 years as Executive Director – Head of International Investments;overseeing investment in real estate, leasing & private equity in UK, USA, Europe, Turkey and Morocco. He has been CEO of FidelityInvestment Bank for 2 years and Jardine Fleming Pakistan for 5 years. He has been Head of Investment department- “HH. The Ruler’s Office- Abu Dhabi”, managing international equity portfolio in five major markets for about a decade.
Mr. Akbar has extensive exposure of managing funds, being director of BLME Islamic Money Market Fund Luxembourg (having $50 million assets under its management),Genesis Emerging Markets Fund (Guernsey based, fund currently $600 million in 44 countries), Member Investment Advisory Board in EURX Property Fund (Luxembourg based, € 1.2 bin European Properties).He has also been on the Board of Bank of London & Middle East (BLME), ELAF Bank Bahrain, and recently as nominee of SECP on the board of LSE Financial Services Limited. Mr. Akbar is the director of PACRA since December 2014.


chairman Mr. Usman Haider is Director of PACRA since 2010. He has professional experience of over 16 years in financial management, corporate advisory, project finance and development in various industries including power, telecommunications, engineering, information technology, food, logistics, real estate, media, fertilizer and financial services. For the last 7 years, Mr. Haider has been associated with Crosby Capital Pakistan (Pvt) Limited as Director, Financial Advisory Services and involved in a number of financial & corporate advisory assignments for leading corporates of Pakistan as well as international clients including, amongst others, Nishat Group, JDW Group, Descon Group, Crescent Group, Fauji Foundation, Army Welfare Trust, OCS, and City Schools. Previously, Mr. Haider worked as Head Treasury and Corporate Finance with WorldCall Group. He has served as Vice president Finance of Southern Electric Power Company Limited. Mr. Haider is an MBA from Institute of Business Administration, Karachi (IBA).


Mr. Asif Baig Mirza is a Nominee Director on behalf of LSE Financial services Limited (Formerly Lahore Stock Exchange Limited) for PACRA since June 29, 2016. Mr. Baig has more than two decades worth of experience in the securities market. Currently, he is the Chief Executive Officer of ABM Securities (Pvt.) Limited. a TREC Holder of Pakistan Stock Exchange Limited. He is on the Board of LSE Financial Services Limited and has held numerous such positions for Lahore Stock Exchange. He has represented Lahore Stock Exchange Limited on the Board of Pakistan Mercantile Exchange Limited and Pakistan Institute of Corporate Governance. He has successfully completed “Wealth Management” training by Marcus Evans at Mumbai 2008, Certification Programme of ICAP, for Director’s Training and Training Programme on AML/CFT (Anti-money laundering and countering financing of terrorism) compliance for Brokers/Dealers in 2014. He holds a commerce qualification.


Mr. Jahanzeb Mirza is a Nominee Director on behalf of LSE Financial services Limited (Formerly Lahore Stock Exchange Limited) for PACRA since June 29, 2015. Mr. Mirza has about a decade and a half worth of experience in the securities market. Currently, he is the Chief Executive Officer of S.D Mirza Securities (Pvt) Limited, a TREC Holder of Pakistan Stock Exchange Limited. He has held the position of director for Lahore Stock Exchange in previous years. His past experience has relevance in areas such as best practices for capital markets. He holds a business administration and economics qualification
Code of Conduct for the BoD

PACRA observes the highest standard of integrity and fairness in all their dealings. The Directors are expected to articulate and demonstrate high standards of honesty and integrity. They are required to observe ethical and law abiding behaviour in the organization. The BoD is responsible for setting up the standards of conduct in accordance with the regulatory requirements and the best practices. The BoD is expected to understand the prevailing Code of Conduct (by SECP, ACRAA and Other regional good practices) and uphold these standards and ensure compliance. PACRA's BoD affirm compliance to SECP approved code for PACRA on an annual basis. The current Code of Conduct has been adopted by the BoD in their 67th Meeting held on 18th June, 2010. The Board takes care of:

  • Compliance with laws, rules & regulations
  • Ethical conduct
  • Confidentiality
  • Conflict of interest
  • SECP restriction on Directors of Credit Rating Companies
  • Insider trading
  • Gifts
  • Reporting of any illegal or unethical behavior
  • Protecting company assets
  • Waivers and Modifications

Read More
Directorship History of PACRA