A total of 55 public sector companies have not filed their statement of compliance with the Securities and Exchange Commission of Pakistan (SECP) for the year ended on June 30, 2016 and December 2016. According to the Compliance Summary of SOCs issued by the SECP as on July 14, 2017, 55 public sector companies have failed to file their statement of compliance for the year ended on June 30, 2016 and December 2016.
Under section 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, it added.