AOA,Members please Comments on"3.12.04 The Pakistan Institute of Corporate Governance has been established as a not-for-profit company aimed at promoting awareness and encouraging good corporate governance practices. The Institute will have its offices in KHI, LHR & ISL,announced by Dr Tariq,Chairman,SECP in ISL & said that although govts play a central role in shaping the legal,institutional & regulatory climate within which individual corporate governance systems r developed,major responsibility still lies with the corporate sector itself."Fair participation & collective will of all major stakeholders is required to improve the corporate governance culture of any country,".The Institute has 19 founder members, which represent regulatory bodies of the professional institutions, stock exchanges, corporate/financial sector & academia.The 1st 10-member Board of the Institute will be formed by the representatives of the founding members.The main objective of the Institute is to engender sound corporate governance practices & provide an enabling environment for implementation of Code of Corporate Governance issued by SECP.This would be achieved through creation of awareness about corporate governance through conferences,seminars,lectures etc.The Institute will also encourage compliance with socially responsible corporate practices & investing.The Institute will also provide a platform for research & development work & will make available key knowledge tools such as a library & connectivity/network with other institutions involved in this area.It will act as a forum for participation of all concerned to contribute towards developing a balanced corporate governance framework & will issue guidelines on matters of corporate governance to the directors/management/auditors, secretaries/general investors.Sound corporate governance has emerged as an essential success factor in national & international markets. Developed nations r now knowledge based & r more conscious of ethics related issues.Countries all over the world r keen to encourage good corporate governance to ensure fairness,transparency/accountability in the corporate sector & safeguard the interest of all stakeholders especially the minority shareholders.It is also empirically tested that jurisdictions that have implemented good governance measures r able 2 attract more capital.The establishment of Institute fulfills the need for an institutional arrangement where all major stakeholders jointly study governance practices and identify the problems,remain responsive 2 the external environment & come up with a combination of legislation/facilitation/cultural change/social values & changes in their respective roles where necessary.Such institutional arrangements around the world r now clearly leading the way 2 a more focused & diligent approach in creating a governance responsible corporate culture in developed & developing world countries.In March,02 SECP issued Code for Corporate Governance which became part of the listing regulations of the 3 stock exchanges.Extension of the Code to state-owned enterprises is also under consideration.Since its inception,SECP has been particularly keen 2 encourage good corporate governance 2 ensure transparency/accountability in the corporate sector & safeguard the interest of all stakeholders especially the minority shareholders.As part of these efforts,SECP took the lead in establishing the Institute as a co.u/S 42 of Co.Ord.84.Founding members of Institute include SECP;SBP;Pakistan Banks Ass.;Overseas InvestorsCCI;Federation PCCI;Investment Banks Ass.Pakistan; Leasing Ass.of Pakistan; Modaraba Ass.of Pakistan; Mutual Funds Ass.of Pakistan;IBA;LUMS;ICAP;Management Ass.of Pakistan;ICSP;ICSM;ICMAP;KSE;LSE;ISE" Regards Mahtab
AOA
Sorry
Very Very Sorry to post this in Section 'students forum',
this is for Section 'Corporate Governace forum'.
Sorry for inconvenience.
Thanks & Regards
Mahtab
Interesting post mahtab,. (even if its on the wrong forum).. do you have any further details on this ? a web site etc.?
Would you be kind enough to pass that on ?
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
The Pakistan Institute of Corporate Governance (PICG) has been established as a not-for-profit company aimed at promoting awareness and encouraging good corporate governance practices in Pakistan.
The Institute will have its offices in Karachi, Lahore and Islamabad. According to SECP, this was announced by Dr. Tariq Hassan, Chairman, Securities and Exchange Commission of Pakistan (SEC) here on Thursday.
Dr. Hassan said that although governments play a central role in shaping the legal, institutional and regulatory climate within which individual corporate governance systems are developed, major responsibility still lies with the corporate sector itself.
âFair participation and collective will of all major stakeholders is required to improve the corporate governance culture of any countryâ, he added.
The Institute has nineteen founder members which represent the regulatory bodies of the financial sector, professional institutions, stock exchanges, corporate sector, financial sector and academia.
The first ten-member Board of the Institute will be formed by the representatives of the founding members.
The main objective of the Institute is to engender sound corporate governance practices and provide an enabling environment for implementation of the Code of Corporate Governance issued by SEC.
This would be achieved through creation of awareness about corporate governance through conferences, seminars, lectures and exhibitions.
The Institute will also encourage compliance with socially responsible corporate practices, including socially responsible investing.
The Institute will also provide a platform for research and development work and in this regard will make available key knowledge tools such as a well equipped library and connectivity and network with other institutions involved in this area.
It will act as a forum for participation of all concerned to contribute towards developing a balanced corporate governance framework and will issue guidelines on matters of corporate governance to the directors, management, auditors, secretaries and general investors. Sound corporate governance has emerged as an essential success factor in national and international markets.
Developed nations are now knowledge based and are more conscious of ethics related issues. Countries all over the world are keen to encourage good corporate governance to ensure fairness, transparency and accountability in the corporate sector and safeguard the interest of all stakeholders especially the minority shareholders.
It is also empirically tested that jurisdictions that have implemented good governance measures are able to attract more capital.
The establishment of the Institute fulfills the need for an institutional arrangement where all major stakeholders jointly study governance practices and identify the problems, remain responsive to the external environment and come up with a combination of legislation, facilitation, cultural change, social values and changes in their respective roles where necessary
AOA
Pracs & Other respected memebers
Friday, March 11, 2005
Meeting of Academic Committee of PICG held
KARACHI - The first meeting of Academic Committee of the Pakistan Institute of Corporate Governance (PICG) was held at IBA City Campus.
The committee discussed various options concerning the academic and professional activities to be undertaken by the Institute and decided to hold series of seminars to promote good governance practices amongst the directors and executives of limited companies.
The institute shall introduce regular programmes for education on corporate governance as a subject and training in the field of corporate governance for directors, corporate executives and CFO of companies by using educational facilities of the IBA and LUMS, who are among the promoters of Institute.
The committee observed under the existing arrangements that the prospective members of the Institute would be benefited from wide range of research and publication facilities of the IBA including library.
Regards
Mahtab