To enhance efficiency through better inter-departmental co-ordination, improved turnaround time and applying participatory approach to decision-making, the Securities and Exchange Commission of Pakistan (SECP) has formed a ''senior management committee'' (SMC).
Business Recorder learnt on Friday that the SMC consists of Chairman, Commissioners and heads of all divisions/departments. The SMC will meet fortnightly to have regular interaction between senior management of the SECP. The SMC will serve as a forum for brainstorming and will encourage open consultation process, leading to increased transparency and efficiency. The SMC is envisaged to be a recommendatory body on policy issues pertaining to all support functions and operational matters that are brought to the committee.
According to sources, the SMC is an internationally known and acceptable structure and the objective is to complement the organisational structure. It has been formed pursuant to the off-site program completed by the SECP about six weeks ago, where for the first time the SECP senior management framed strategic objectives for the next three years. In the light of these objectives, targets have been set for all SECP divisions and departments.
The SECP will also be setting up sector-specific committees, with participation from the relevant industry and market stakeholders. The objectives of these committees will be to come up with a roadmap for the development of particular sectors. The formation of these committees will shortly be made public and will also be put on the SECP website, sources added.
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