Enforcement of compliance from listed firms to be strengthened: LSE board to adopt best CG practices

Lahore Stock Exchange (LSE) Board has decided to adopt the best practices of corporate governance (CG) for itself and also strengthen the enforcement of the CG related compliance from the listed companies. According to an announcement of the Managing Director of the LSE Aftab Ahmad Chaudhry here on Thursday, the Board shall develop a comprehensive CG priority list for the Exchange to follow whose objective shall be to ensure the protection of the rights of the investors.
MD LSE stated at a one-day briefing organised by LSE in conjunction with IFC of the World Bank Group. The purpose of the seminar was to highlight the importance of the good corporate governance practices to the newly formed Board of Directors of the Lahore Stock Exchange. The workshop was exclusively organised by the IFC under the title of 'Effective Corporate Governance Enforcement' for the LSE Board, management and the members of the Exchange.
This was the first time ever at any stock exchange of the country that the yearly term of the Board has begun with a special briefing for the new directors, on various important aspects of the effective corporate governance framework. Besides the holding of the special workshop, the LSE shall also organise an orientation programme for the new Board members on April 5, 2011 in which the directors would be given an extensive briefing about all routine and chronic matters and the challenges facing the LSE, said the MD LSE. With this briefing, LSE would implement the true spirit of the Corporate Governance, Aftab Ahmad stated.
The workshop underscored the importance of effective supervision by the Board as the trustees of a corporation and how good corporate governance can lead to better risk management and sustained value creation at the companies. The workshop also underscored the key role of the stock exchanges in ensuring the compliance from the listed sector about the code of corporate governance. The workshop was addressed by Khawar Ansari, the Pakistan Corporate Governance Project Manager of the IFC and Mohsin Ali Chaudhry, the Legal Expert with the IFC's project on Corporate Governance in Pakistan. Aftab Ahmad Chaudhry, the MD of LSE also spoke on the occasion.-PR