JCR-VIS Credit Rating Company Limited has reassigned the corporate governance rating of 'CGR 9' to Pak Kuwait Investment Company (Private) Limited (PKICL), which denotes 'very high level of corporate governance'. According to a press release, this rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest), in June 2008, JCR-VIS had revised corporate governance rating to 'CGR-8'.
The corporate governance ratings are based on evaluation of key governance areas of the rated enterprise, which include regulatory compliance, ownership structure, composition and operations of the board of directors and executive management, self-regulation, financial transparency and relationship with stakeholders.
The rating takes into account the continuity of the focus on governance since the last rating action, as also the efforts made towards improvement in systems and controls along with employee empowerment and fostering a system of broad based decision making. Moreover, efforts towards improving the information systems and progress made in this regard have also been taken into account.-PR
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