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KARACHI: The Chairman Securities and Exchange Commission of Pakistan (SECP) Aamir Khan has said that the recent damage caused by floods in Pakistan, has enhanced the need for identifying Environmental Social and Governance (ESG) issues and risks due to climate change from a local perspective.

He was addressing the 20th anniversary celebration event of CFA Society Pakistan.

The CFA Society Pakistan hosted its 20th anniversary celebration event and a panel discussion on “Past Decades and Road Ahead: Pakistan’s Capital Markets 2002-2042”, in Karachi on Saturday. The CFA Society Pakistan has played a key role in the development of capital markets.

The CFA Society Pakistan pursues active advocacy efforts with regulators and key stakeholders throughout the region through research initiatives, strong focus on ethical market practices, and dialogue.

Dr Miftah Ismail, former Federal Minister for Finance and Revenue and Sima Kamil, Deputy Governor, State Bank of Pakistan were chief guests for the event. Among notable dignitaries who attended the event included Arif Habib (Chairman Arif Habib Group), Mohammad Ali Tabba (Lucky Group), Dr Inayat Husain (Deputy Governor State Bank of Pakistan), Dr Ishrat Husain (former governor SBP), Khalid Mirza (former chairman SECP and CCP), Ali Naqvi, Shamoon Tariq CFA, Irfan Siddiqui and Syed Amir Ali, CFA.

Aamir Khan said the SECP considers sustainability as a priority in its regulatory agenda. He told participants that the SECP, through consultation with all stakeholders, has proposed an ESG regulatory roadmap with key milestones for capital markets. Through Listed Companies (Code of Corporate Governance) Regulations, 2019, based on comply or explain approach, board of directors are required to have ESG policy in place and disclose implementation of ESG initiatives, he explained the ESG roadmap.

The SECP has also unveiled guidelines for the corporate sector to raise funds from the capital market to finance or refinance projects that contribute positively to the environment. All issuers who are eligible to issue debt securities, including Sukuk either by way of public offer or private placement are eligible to issue green bonds while ensuring compliance with applicable regulatory framework.

In her address, Sima Kamil, Deputy Governor SBP underscored the role of capital markets playing in sustainable economic development of a country. She encouraged market participants to expand the financial sector by embracing technology, introducing new products and adopting inclusive polices.

Former Federal Finance Minister Dr Miftah Ismail said that energy sector needs utmost attention for revival of economy and high cost of production and subsequent impact on the business is detrimental. “As a nation, we need to learn within our means”, he said.

The founding President Mohammad Shoaib, CFA, took the audience through the journey of CFA Society Pakistan, sharing glimpses of the early year memories and key accomplishments of the society.

The celebration event also included an enriching panel discussion on “Past Decades and Road Ahead: Pakistan’s Capital Markets 2002-2042”. The session was moderated by Syed Amir Ali, CFA, President and CEO, BankIslami Pakistan Limited.

The panelists for the session included Dr Inayat Hussain, Deputy Governor, SBP, Ali Naqvi, Founder and CEO, Altheia Capital, Arif Habib, Chairman, Arif Habib Group, Khalid Mirza, former chairman, SECP, Mashmooma Zehra Majeed, CFA, CEO, MUFAP, Muhammad Ali Tabba, CEO, Lucky Cement Limited and Shamoon Tariq, CEO, Mahaana Wealth.

The panelists had a healthy discussion on the last two decades on the capital markets of Pakistan and a number useful suggestions were provided by the panel for the depth and breadth of the capital markets of the country.

Ali Naqvi shared his views how emerging nations have broad based their markets. Khalid Mirza emphasized that ease of doing business needs to be the focus on regulator to develop the capital markets.

Guests of honors for the event Farrukh H Khan, CEO/Managing Director, PSX and Margaret Franklin, CFA, CEO, CFA Institute who sent video messages as well as Muhammad Azfar Ahsan, President, Marketing Association of Pakistan and Former Minister of State and Chairman, Board of Investment (BoI).

Copyright Business Recorder, 2022

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