In 2002, as a consequence of disinvestment of the shareholding of IFC and Fitch in PACRA, the majority shares were acquired by PACRA's management with Lahore Stock Exchange increasing its shareholding from 33.3% to 40%. In order to enlarge the shareholder base and association of outside professionals, a minority stake has been sold by PACRA's management to Mr. Mumtaz H. Syed, currently Chief Executive of Crosby Asset Management Limited, and Sheikh Muhammad Iqbal, a financial consultant. This arrangement has prior approval of SECP. While this does not immediately lead to any change in the Board composition, it is expected that in future after the changed shareholding is reflected in Board representation, this would provide additional professional input for policy-making.

The aforesaid change does not envisage any change in the management structure with the chairman, M. Khalil Mian, and the chief executive, Javed Masud, retaining their respective positions.