The Securities and Exchange Commission of Pakistan (SECP) has issued a list of 58 public sector companies which have not filed statement of compliance (SoC) for the year ended December 31 2016 and June 30, 2017. The public sector companies are required to file statement of compliance under the Public Sector Companies (Corporate Governance) Rules, 2013.
The SECP here on Monday displayed the list of these public sector companies on its website about the status of filing of statement of compliance by the corporate sector. According to the SECP, the commission has given status of 'not filed' for 58 public sector companies.
Under rule 24 (compliance with the rules) of the Public Sector Companies (Corporate Governance) Rules, 2013, every Public Sector Company shall publish and circulate a statement along with its annual report to set out the status of its compliance with these rules, and shall also file with the
Commission and the registrar concerned such statement along with its annual report. Every Public Sector Company shall ensure that the statement of compliance with the rules is reviewed and certified by external auditors, where such compliance can be objectively verified, before publication by the Public Sector Company.
Where the Commission is satisfied that it is not practicable to comply with any of these rules, the Commission may, for reasons to be recorded, relax the same subject to such conditions as it may deem fit to impose.
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