The relevant provisions of the Companies Act 2017 would be applicable on Public Sector Companies governed by the Securities and Exchange Commission of Pakistan (SECP). The SECP has amended Public Sector Companies (Corporate Governance) Rules, 2013 through an SRO 715 (I)/2019 issued here on Saturday.
The SECP has replaced the words 'Companies Ordinance, 1984' with the 'Companies Act 2017' during the entire Public Sector Companies (Corporate Governance) Rules, 2013. Therefore, the repealed Companies Ordinance, 1984 would not be applicable on the public sector companies. The SECP has also amended section dealing with the 'Composition of the Board' of the Public Sector Companies.