The Securities and Exchange Commission of Pakistan (SECP) has made amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2019 and the Companies (Postal Ballot) Regulations, 2018.
The amendments have been made pursuant to SECP's commitment to safeguarding shareholders' rights, enhancing corporate governance practices, and upholding market integrity, said a press release issued on Friday.
Under these reforms, the category-wise voting scheme has been omitted to support minority shareholders' representation on boards. Furthermore, the scrutiniser's role has been enhanced for bringing transparency in the process of accepting or rejecting nominations for the election of directors and proxies.
Reforms were also incorporated to enhance corporate governance by including provisions for mandatory attendance of directors in general meetings and encouraging independent evaluation of board performance by an external body.
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