Business

SECP proposes anti-harassment steps

Issues draft amendments to listed companies’ regulations

APP January 27, 2024

ISLAMABAD:

In a bid to promote safety and respect in the workplace, the Securities and Exchange Commission of Pakistan (SECP) has issued draft amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2019 for public consultation.

The proposed amendments require the board of directors of listed companies to implement robust anti-harassment policies that align with the Protection Against Harassment of Women at the Workplace Act, 2010, and relevant provincial laws, said a statement issued on Friday.

These policies will uphold the rights and wellbeing of all employees, fostering a more inclusive and equitable work environment. The amendments will introduce several critical measures to ensure the effective implementation of anti-harassment policies as required under the Workplace Act, 2010.

These include the development of a code of conduct, formation of an inquiry committee, designation of a competent authority and display of code of conduct for awareness of all employees, ensuring clear communication and accessibility.

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“This initiative marks a significant step towards building a more equitable and ethical corporate landscape in Pakistan. Integrating robust anti-harassment policies into the Code of Corporate Governance sets a strong precedent for responsible business practices and demonstrates the SECP’s commitment to fostering a safe environment and empowering workplaces for all,” the SECP said.

The commission has put the draft amendments on its website for public comments and feedback.

Separately, the SECP registered 2,095 new companies in December 2023, bringing the total number to 209,604. “Total capitalisation of the newly incorporated companies is Rs2.6 billion,” it said.

Around 57% of Pakistani companies were private limited companies and 41% were single-member firms. The remaining 2% are public unlisted companies, not-for-profit associations, limited liability partnerships, and foreign companies.

Three foreign companies established their businesses in the country, with 99 foreign applicants registered through eServices.

Published in The Express Tribune, January 27^th, 2024.

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