Investment Banks Association of Pakistan (IBAP) - Board of Directors would meet on Monday (June 5) in Karachi, to discuss the issues being faced by the local investment banks.
IBAP President Rashid Mansur, who is also head of the Escort Investment Bank Limited, expressed these views while talking to newsmen at the 'Corporate Governance Conference' here on Wednesday, which was jointly organised by the Escort Investment Bank Limited and International Finance Corporation.
He further said that proposed amendments in the Non-Banking Financial Companies (NBFCs) rules would most likely be on top of the meeting's agenda. "On the next day, the IBAP would hold a meeting with Securities and Exchange Commission of Pakistan (SECP) Commissioner Salman Ali Sheikh to discuss the amendments.
Leasing Association of Pakistan (Lap) and Modaraba Association of Pakistan (Map) are also meeting the SECP in this connection, he added. He was of the view that relevant rule had been revised, which would have a positive impact on the NBFCs business.
Meanwhile, addressing the conference, the SECP Commissioner Salman Ali Sheikh said the SECP was making efforts for the development of National Corporate Social Responsibility Strategy. "We have been making efforts to improve the governance practices in corporate sector," he added.
Rashid Mansur said that the corporate governance had evolved in the US and Europe over the last century. "In Pakistan, there was a dire need for demarcating the roles of the board of directors and executive management," he added.
Pakistan Institute of Corporate Governance Chief Executive Officer Zahid Zaheer and Sebastian A Monlineus and Kaiser H Naseem of IFC also spoke on the occasion.