KARACHI: The Code of Corporate Governance is a must for the protection of minority shareholders, said Asif Arif, the SECP Commissioner.
He was speaking to the awareness session held in collaboration with the ICAP and was attended by around 200 members of ICAP. While advocating the true implementation of new code he said “Governance standards are dynamic and changing with the development of constantly evolving corporate sector and financial markets. This calls for a constant review of governance framework to keep pace with globally set benchmarks.
This awareness session is a part of the SECP’s efforts to raise corporate governance standards in Pakistan and to protect the interest of minority shareholders. Apart from creating awareness, these sessions would help listed companies to ensure compliance with the provisions which have become effective and at the same time prepare and take measures for timely implementation of the provisions which will become effective at the time of next board election. It is expected that these sessions would not only lead to successful implementation of the Code but also improve the growth of corporate sector by promoting governance regime which strengthens the rights of all stakeholders.
Last summer, the SECP launched a comprehensive three-year awareness program which is part of its wider goal towards protecting investors more adequately, spreading awareness and literacy across Pakistan for the betterment of not only individuals but the economy as a whole and for building and sustaining an adequate compliance culture in the country.
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