‘Listed companies must update websites’

Company profile, contact details and financial figures should be disclosed.

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has asked all listed companies to maintain a functional website by May this year, an initiative aimed at providing investors with cost-effective and easy access to information.

According to an announcement on Tuesday, the SECP said it had approved a notification, which details minimum information required to be disclosed on the website. The requirements for mandatory website have been approved after consultation with internal and external stakeholders.

SECP said the website would disclose comprehensive profile and contact details of the company and its management, financial facts, figures, reports and symbol of the company.

SECP said it was promoting minority representation on the board of directors of companies as part of good corporate governance. As a step in this direction, the companies have been directed to display the names of contesting candidates at least seven days prior to elections.

Moreover, a section of the website is required to be dedicated for investor relations that will reflect notices including that of general meetings, announcement for raising capital and complaint handling mechanism. Companies should also provide either contact details of the person designated for assisting and handling investor grievances.

Published in The Express Tribune, January 18^th, 2012.