Security and Exchange Commission of Pakistan (SECP) has asked all listed companies to functionalise and update their websites by May 1, as an initiative aimed at providing investors with cost-effective and easy access to information. The SECP has approved notification for mandatory requirements for listed companies to have a functional website.
The said notification also details minimum information needed to be disclosed on the website. The requirements for the mandatory website have been approved after extensive consultation with both internal and external stakeholders. For the purpose of convenience of stakeholders, website of companies shall disclose maximum information comprising comprehensive profile and contact details of the company and its management, financial facts, figures, reports and symbol of the company.
The companies have been directed to display the name of contesting candidate at least seven days prior to such elections. In addition, companies shall give contesting candidates, time-bound access to password/login protected list of shareholders at least 21 days prior to date of such elections.
Not only shall the companies ensure that proxy forms are available on its website at least 21 days prior to elections. They are also required to place on their websites the number as well as the value of proxies deposited by each candidate. The said requirements shall give minority shareholders prompt and easy access to shareholders lists as well as providing updated position of proxies deposited by each candidate, effectively saving the time lags owing to physical dispatch of information, a common complaint by minority shareholders.
Moreover, a distinctive section of the website is required to be dedicated for investor relations that shall reflect the important notices including that of general meetings, announcement for raising capital and complaint handling mechanism. It has been mandated that companies provide either contact details of person designated for assisting and handling investor grievances or place online contact form for convenience of shareholders.-PR