Revisions in Code of Corporate Governance: SECP to hold stakeholder consultation

The Securities and Exchange Commission of Pakistan (SECP) is holding round-table meetings with concerned stakeholders in order to finalise the revisions in the Code of Corporate Governance (Code). The first of these round-table meetings will take place in Karachi on 29th July 2011.
According to a press release issued on Monday, these round-table meetings aim to provide a platform for discussion between the SECP and various stakeholders, prior to implementation of the revised Code. The SECP assigned the task of reviewing the Code to the Pakistan Institute of Corporate Governance (PICG), which constituted a twelve- member task force, headed by Ebrahim Sidat, a noted chartered accountant. After detailed deliberations and three further round-table meetings, the task force submitted its recommendations.
After reviewing the recommendations of the task force, the SECP made necessary amendments and launched a consultation process in October 2010 to reform Pakistan's Code of Corporate Governance, 2002. The draft of the revised Code has been proposed in light of comments and suggestions, received from around 100 stakeholders and is available on the SECP website: http://www.secp.gov.pk/corporatelaws/pdf/RevisedCodeOfCorporateGovernance-25-07-2011.pdf. The SECP acknowledges and is grateful to the invaluable contribution of the stakeholders who provided comments and suggestions on the revised Code.-PR