Corporate Governance Rules: SECP issues amendments draft

The SECP issued these rules in 2013 with the federal government’s approval


Our Correspondent August 27, 2016

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) Saturday said that it has issued the draft of amendments to the Public Sector Companies (Corporate Governance) Rules, 2013, to obtain feedback from stakeholders and the public. Based on the implementation experience as well as feedback received from the line ministries of public sector companies and other stakeholders, it was deemed necessary to introduce certain amendments to the rules to facilitate compliance and ensure good corporate governance principles, according to a press release. The SECP issued these rules in 2013 with the federal government’s approval. The provisions, which have been proposed to be amended or added to the rules, includes introduction of criteria for sound and prudent management of public sector companies, change in the proportion of independent directors on the boards from a majority to a minimum of one-third etc.

Published in The Express Tribune, August 28th, 2016.

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