PICG directors’ summit: Corporate boards urged to address economic uncertainty

KARACHI: Pakistan’s corporate boards need to move beyond compliance and play a more active role in addressing economic uncertainty, technological disruption, and sustainability, business leaders and governance experts said at the Pakistan Institute of Corporate Governance (PICG) Directors’ Summit 2026.

Held under the theme “The Showcase: Your Leadership, Your Impact,” the summit brought together more than 350 directors, business leaders, regulators and senior executives to discuss corporate governance, leadership and institutional resilience.

PICG Chairman Muhammad Ashraf Bawany said corporate governance was increasingly about building trust, creating sustainable value and strengthening institutions rather than simply meeting compliance requirements.

PICG CEO Shafaq Fauzil Azim also addressed the gathering, which included a tribute to the late Dr Shamshad Akhtar for her contribution to Pakistan’s economic development, governance and public institutions.

Chief Guest Muhammad Ali Tabba, Chairman, YBG, said governance should be embedded across organisations and described it as the foundation of business rather than a cost of doing business.

PSX CEO Farrukh H. Sabzwari highlighted the importance of transparency, accountability, market integrity and investor confidence, while also stressing diversity and greater inclusion at board level.

Former Minister for Investment Muhammad Azfar Ahsan emphasised policy predictability and strong institutions, and said boards needed to anticipate economic and regulatory changes.

A panel on agile boards examined the expanding role of directors in managing geopolitical, supply-chain, economic and climate-related risks. Discussions focused on scenario planning, resilient capital allocation and stronger decision-making.

The Family Legacy panel addressed governance and succession in family-owned businesses, including the balance between family ownership and professional management, as well as continuity, merit and inclusion.

Technology and innovation were also discussed as key boardroom issues. The Boards Governing Innovation & Technology panel focused on board oversight of cybersecurity, artificial intelligence and digital transformation, with emphasis on ensuring technology investments contribute to long-term value creation.

A fireside discussion featuring Narayanan Vaidyanathan of ACCA and Zulfikar Causer of BDO examined AI governance, accountability and emerging risks, highlighting the need for boards to oversee both the opportunities and risks associated with artificial intelligence.

Kabeer Naqvi of Abhi Microfinance Bank discussed governance as an enabler of digital banking innovation and financial inclusion.

Zaffar A. Khan, Chairman, PCP, highlighted governance, leadership and institutional capacity as foundations for the nonprofit sector, while Dr Syed Amir Ali, CEO, Meezan Bank Limited, discussed the integration of sustainability, governance and innovation into Islamic finance strategies.

In the closing keynote, Hussain Dawood, Chairman, Engro Holdings Limited, emphasised visionary leadership, responsible decision-making, trust and resilience as key elements of lasting institutional value.

Copyright Business Recorder, 2026