Overseas Investors Chamber of Commerce and Industry (OICCI) has requested the Securities Exchange Commission of Pakistan (SECP) for more time to enable the Foreign Shareholders/Regional Offices/Head Office to study the potential impact of the Companies Ordinance 2016 and disclosure requirements in their own countries. In a letter, OICCI members sought from SECP at least one year to resolve some requirements.
They want SECP not to enforce maintenance of global register of substantial shareholders under section 452 and in manner in which a foreign director is selected and maintenance of a data bank of independent directors by an institution notified by SECP.At present, independent directors have been elected under the 1984 law and not under the Companies Ordinance 2016.A foreign directorneither have a national tax number nor do they have a security clearance. Similarly, the requirement of a board resolution by circulation and clause 13 are in contradiction, points out OICCI.