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Corporate Governance in Pakistan
01-27-2009, 07:44 PM
Post: #1
Corporate Governance in Pakistan
During the past few years, the financial and corporate world has witnessed significant changes. Following the Asian financial crisis, recent accounting scandals have brought to light the importance of an effective institutional framework that would help corporate management increase shareholder value while protecting the interests of other stakeholders.

To achieve this goal, the Securities and Exchange Commission (SEC) of Pakistan (http://www.secp.gov.pk), in partnership with the United Nations Development Programme (UNDP) and the Economic Affairs Division of the Government of Pakistan, launched the SEC-UNDP Project on Corporate Governance in August 2002. Under the purview of the Project, UNDP has provided technical and financial assistance to the SEC for developing and implementing good corporate governance practices and establishing a sound regulatory framework for the corporate sector in the country. The work involves implementation of the Code of Corporate Governance, issued by the SEC in March 2002, creating stakeholder awareness, capacity-building and networking with other emerging markets.

In order to attract sustainable capital, it is imperative for economies in transition to focus on evolving a system that ensures good corporate governance. As the dust settles after the Asian financial crisis, most economic and development commentators feel that a major determinant of the relationship between long-term economic growth and poverty reduction is a well-functioning financial and corporate sector. The inflow of foreign capital brings with it a transfer of technology and managerial skills--factors crucial to the developing countries in their economic progress. At the same time, the confidence of local investors also heightens. This increased economic activity improves human welfare in the form of an efficient allocation of resources and more employment. Therefore, implementing good governance practices has a positive impact on economic growth, which creates opportunities and brings people above the poverty line.

The SEC-UNDP Project aims to make a positive contribution towards economic growth in Pakistan by developing a stronger financial and corporate sector. A Corporate Governance Cell has been established at the SEC. which acts as a resource centre and carries out research and awareness campaigns on various issues related to corporate governance.

Guidelines and newsletters are also being distributed to the corporate community for a better understanding of the issue, and research is being carried out for the harmonization of the provisions of the Code with corporate laws and an assessment of the state of corporate governance.

The Cell also aims to prepare groundwork for the establishment of an institute of corporate governance. A monthly briefing series has been initiated to further increase public awareness on various aspects of corporate governance. In order to generate meaningful debate, extensive research work is in progress for a working paper series, the first focusing on the role of institutional shareholders in the promotion of corporate governance in Pakistan. Another major initiative of the Cell is the development of corporate governance index, where work has already started, to indicate assessment of practices and policies and to reflect the relative level to which a company accepts and follows the Code and guidelines of corporate governance.

An important part of the Project is the exchange of contemporary ideas and collaboration on key issues. SEC officials have been participating in study tours to leading international institutions that are involved in the promotion and development of sound governance practices. In order to encourage participation of stakeholders in the system, it is essential to broaden their understanding of the subject. In this regard, the SEC has been conducting several activities, including seminars and workshops, to increase the awareness of the directors and management of listed companies of their statutory and fiduciary duties. The first seminar under the Project--Strengthening Corporate Governance in Pakistan--was held on 28 November 2002 and included local and foreign participants, who gave an international perspective on corporate governance (see photo below).

Three workshops have already been organized--in Islamabad, Karachi and Lahore--on the "Responsibilities of Directors and Management of Listed Companies". An important aspect of these workshops was the utilization of the case study method in order to draw lessons from corporate failures in the country and other parts of the world. Participants lauded the efforts being undertaken by the SEC to improve good governance practices. The SEC is also planning to publish a manual that will highlight the role and responsibilities of directors, keeping in mind the economic and legislative conditions prevailing in Pakistan. In addition, it plans to hold a conference involving key players in the country and abroad.

By complementing resources with UNDP, SEC has managed to act as an agent for bringing positive change in the corporate culture of Pakistan. A more transparent and efficient corporate sector would thus gain investors' confidence and yield positive results towards growth.
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10-13-2010, 06:49 PM
Post: #2
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by awaisaftab</i>
<br />During the past few years, the financial and corporate world has witnessed significant changes. Following the Asian financial crisis, recent accounting scandals have brought to light the importance of an effective institutional framework that would help corporate management increase shareholder value while protecting the interests of other stakeholders.

To achieve this goal, the Securities and Exchange Commission (SEC) of Pakistan (http://www.secp.gov.pk), in partnership with the United Nations Development Programme (UNDP) and the Economic Affairs Division of the Government of Pakistan, launched the SEC-UNDP Project on Corporate Governance in August 2002. Under the purview of the Project, UNDP has provided technical and financial assistance to the SEC for developing and implementing good corporate governance practices and establishing a sound regulatory framework for the corporate sector in the country. The work involves implementation of the Code of Corporate Governance, issued by the SEC in March 2002, creating stakeholder awareness, capacity-building and networking with other emerging markets.

In order to attract sustainable capital, it is imperative for economies in transition to focus on evolving a system that ensures good corporate governance. As the dust settles after the Asian financial crisis, most economic and development commentators feel that a major determinant of the relationship between long-term economic growth and poverty reduction is a well-functioning financial and corporate sector. The inflow of foreign capital brings with it a transfer of technology and managerial skills--factors crucial to the developing countries in their economic progress. At the same time, the confidence of local investors also heightens. This increased economic activity improves human welfare in the form of an efficient allocation of resources and more employment. Therefore, implementing good governance practices has a positive impact on economic growth, which creates opportunities and brings people above the poverty line.

The SEC-UNDP Project aims to make a positive contribution towards economic growth in Pakistan by developing a stronger financial and corporate sector. A Corporate Governance Cell has been established at the SEC. which acts as a resource centre and carries out research and awareness campaigns on various issues related to corporate governance.

Guidelines and newsletters are also being distributed to the corporate community for a better understanding of the issue, and research is being carried out for the harmonization of the provisions of the Code with corporate laws and an assessment of the state of corporate governance.

The Cell also aims to prepare groundwork for the establishment of an institute of corporate governance. A monthly briefing series has been initiated to further increase public awareness on various aspects of corporate governance. In order to generate meaningful debate, extensive research work is in progress for a working paper series, the first focusing on the role of institutional shareholders in the promotion of corporate governance in Pakistan. Another major initiative of the Cell is the development of corporate governance index, where work has already started, to indicate assessment of practices and policies and to reflect the relative level to which a company accepts and follows the Code and guidelines of corporate governance.

An important part of the Project is the exchange of contemporary ideas and collaboration on key issues. SEC officials have been participating in study tours to leading international institutions that are involved in the promotion and development of sound governance practices. In order to encourage participation of stakeholders in the system, it is essential to broaden their understanding of the subject. In this regard, the SEC has been conducting several activities, including seminars and workshops, to increase the awareness of the directors and management of listed companies of their statutory and fiduciary duties. The first seminar under the Project--Strengthening Corporate Governance in Pakistan--was held on 28 November 2002 and included local and foreign participants, who gave an international perspective on corporate governance (see photo below).

Three workshops have already been organized--in Islamabad, Karachi and Lahore--on the "Responsibilities of Directors and Management of Listed Companies". An important aspect of these workshops was the utilization of the case study method in order to draw lessons from corporate failures in the country and other parts of the world. Participants lauded the efforts being undertaken by the SEC to improve good governance practices. The SEC is also planning to publish a manual that will highlight the role and responsibilities of directors, keeping in mind the economic and legislative conditions prevailing in Pakistan. In addition, it plans to hold a conference involving key players in the country and abroad.

By complementing resources with UNDP, SEC has managed to act as an agent for bringing positive change in the corporate culture of Pakistan. A more transparent and efficient corporate sector would thus gain investors' confidence and yield positive results towards growth.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


By the way my dearest writer,

The above notes would also be your own idea? and would have not been copied from any where?

Is it so? Pls confirm so that I let you know where from these have been copied.

In one of your posts in the following thread you cautioned another forum member to disclose the source of information if it is copied; however, you forgot to apply this rule on yourself. Is it so?

http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=8274&whichpage=1

Regards,
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10-13-2010, 07:03 PM
Post: #3
 
By the way the above copied article shows that CCG issue has been thoroughly searched on various webs. This supports what I pointed out about an observation raised in another thread.

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10-15-2010, 01:39 AM
Post: #4
 
KamranACA

Dear Mujhay lag raha hay Aap ki In posts say Awais ki "Hosla-Shikni" hui hay ) Aur Abb woh post nahi kar rahay.

Thanks for your Understanding.

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10-15-2010, 02:01 AM
Post: #5
 
kamranACA

Dear mujhe bhi kuch lag raha hay aap awaisaftab ko criminal samajte hay bilkul mroneflower, MasudCA, mroneflower1 aur emperor ki tarha.. aur awaisaftab ki hosla shikni us waqt bhi hue that jab aap na zahid hamid wale thread ma thore negative language use ki thi )

awaisaftab

tum per kamranACA case kar sakta hay..tum na article copy paste kya hay..aur ab tum ko admin kick off karday ga )

regards,
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10-15-2010, 05:15 PM
Post: #6
 
Dears

We all are prone to errors and we can commit mistakes. "We" includes myself as well.

However, if we are wrong on any stance, we should endeavor to correct ourself. Accepting the mistake publicly is never a compulsion for leading to such a corrective action; although such acceptance always increases our stature.

I don't have any personal enemity with any other member of the forum.

Regards,
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10-15-2010, 05:26 PM
Post: #7
 
Dear Ali Raza and Yasir

Mujhe is baat se koyee farq nhn parta k koyee mere bare main kia soch rakhta hai, na main kisi ko jawab da hun aur na hi mera pas itna farigh time ha k main kisee ke personal attacks ka jawab doon. But mujh ko ap donon ki posts parhne k bad yeh mehsoos hota ha k mujh ko kuch is mozu pe kehna chaye.
Ap sub is article kee posting date dekh sakte hain yeh article mery phely ya doosri post thee. Main Jan 27,2009 ko memeber bana tha aur usi din main ne yeh post ki thee.

See the members list

http//www.accountancy.com.pk/forum/members.asp

Ek aur important bat ager ap kisi ka pura mazmoon copy ker k reference k sath apne name se publish kerwana chate hain to yeh forum kia ap kisi bhee technical journal tak main us article ko publish kerwa sakte hain. Main ne bohat se aese article internation accouting journals main dekhain hain jo 1 ya do pages pe hote hain mager nechay 10 se ziada references diay hote hain.

Afterall I dont want to involve in any confrontation.

Yasir lagta hai tum meree kuch posts kee wajah se naraz ho

Dear Ali I am here by the way ajkal khan gaib ho
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10-15-2010, 05:32 PM
Post: #8
 
After posting above article on Jan 27,2009 I received following mail from Admin on Jan 29,2009,I am pasting it here

<font color="green">Sent From Accountancy Forum by AdminThursday, January 29, 2009 429 AM
From "forumadmin@accountancy.com.pk" <forumadmin@accountancy.com.pk>Add sender to ContactsTo

Hello awaisaftab

You received the following message from Admin (forumadmin@accountancy.com.pk)

At http//www.accountancy.com.pk/forum/

awaisaftab,

We have noticed several forum topics being started by you whose content has been copied from articles posted on other websites and periodicals.

Kindly note that such copying is a violation of copyrights of that web site and article author. We ask you to avoid doing any such things without having its owner's permission.

Admin - Accountancy</font id="green">
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10-15-2010, 06:00 PM
Post: #9
 
Dear Awais,

Kamran seems to have some jealousy or allergy from you, although i dont know about your past interaction with him, but i observed you do not reply in a way you should respond to him against his posts for you.
This is your good and positive act on the one side, however, it leads to give more chance to him to say some thing against you time and again. You two should either decide to be professional at the forum and act like professionals, or do no post against each other at any thread. Although, this has already been decided earlier at other thread, however, kamran did not act on what he said.

I saw one of the members claiming the same against him that he makes most of the topics into the futile discussion of CA VS ACCA debate at the following thread;
http//www.accountancy.com.pk/forum/topic.asp?topic_id=11717

Seniors should act like seniors, else how would juniors and precursor would react over such actions?
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10-15-2010, 06:06 PM
Post: #10
 
AwaisAftab.

No Dear, Main aap ki kisi post ki waja say Naraaz nahi hun. KamranACA ki posts perh kar Aur aap ki Ghair-Haazri ko madd-e-Nazar rakhtay huay kuch khayal aya k kahin aap ki "Hosla-shikni" tu nahi hogai. Tu socha kuch khariat lay lun. Lakin Abb andaza ho raha hay k mari in posts say Aap ki thread ka Rhythm intrupt ho raha hay, For which I feel sorry.

Please continue.

Regards.
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10-15-2010, 07:57 PM
Post: #11
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by yasir_live</i>
<br />
AwaisAftab.

No Dear, Main aap ki kisi post ki waja say Naraaz nahi hun. KamranACA ki posts perh kar Aur aap ki Ghair-Haazri ko madd-e-Nazar rakhtay huay kuch khayal aya k kahin aap ki "Hosla-shikni" tu nahi hogai. Tu socha kuch khariat lay lun. Lakin Abb andaza ho raha hay k mari in posts say Aap ki thread ka Rhythm intrupt ho raha hay, For which I feel sorry.

Please continue.

Regards.

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Dear Yasir yeh sun ke khushee huyee k ap mujh se naraz nhn hain. Jhan tak interuption ka taluq ha to yhan koyee technical discussion to chal nhn rahee so lage raho.

Waise ab is Hosila Shikn Wale lafz ka peecha chore do to Acha hoga. Ap mujh se jab bhee directly baat kerte ho to yeh Hosila SHIKNI k alfaz zaroor use kerte ho. Hope you will not use these words in future.

Han Khairiat laine ka shukria
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10-15-2010, 07:59 PM
Post: #12
 
There is no harm in giving the reference of the actual writer and then quoting his/her findings; unless this too is legally prohibited or right of such reproduction is specifically reserved.

I may have allergy with someone’s practices; but just to correct the comments of a fellow, I don’t have a feel of jealousy for any one, and reasons for this are quite obvious. The habit of some members of copying the stuff from the work of others and mentioning it with their own name; and jumping on the ideas of other brains and tagging it with their own names has so many times been criticized. I am pleased that I am not the one who pointed this out to the writer of this thread. Rather, it was cautioned by Admin as well. However, it would have been a great gesture if upon pointing out by Admin he would have dared to delete his copied stuff. People visiting this thread do not know the cause why I pointed out copy cat act on this thread. They need to visit other thread quoted below as well. I may tend to agree that this very thread was written in very earlier days of membership but what the readers will deduce from the following thread

http//www.accountancy.com.pk/forum/topic.asp?topic_id=6765

The following words used by him in one of his posts on above referred thread required telling him AGAIN to avoid doing these

QUOTE

……”BEFORE ONE AND HALF YEAR AGO I WROTE THIS TOPIC AND A HEALTHY DEBATE MADE HERE AS EVERYONE CAN SEE…….”

UNQUOTE

Just check the force on “as everyone can see”. A thing well debated and well discussed in 2003, and on which continuous work was being done, has been tagged by him as a result of his brain storming “as everyone can see”. Is it what we call professional and moral act? In fact this is what affects the repute of a good professional forum. If people tend to differ, they have a right to do so. I didn’t comment on the thread until it was concluded to be the result of someone’s personal ideology; just to point out that such practice is incorrect and harms the purpose of forum and can mislead the people.

By the way, telling the students and new comers to a profession that which qualification would carry more market responsiveness is nothing that affects the repute of a forum. This forum and other forums like this are purposed to discuss it and to guide the new comers who just wonder what to do for their career. The thread CA v/s ACCA was initiated by me? Is it what we call rationalism for conclusion of a matter? Brothers when someone questions, there is a need to reply his question and this is the intent of the forum. When someone misleads the people on a forum, other members have a right (rather duty) to correct/clarify the situation. If replying a question or clarifying something that can mislead, is indecent, then what decent is in fact?

I don’t care what this “wrathofheavens1” feels or writes about me; who knows which person is behind this username and hidden face? People try to humiliate the name of God and his Prophets on various forums and internet (Naoozbillah); who I (a normal sinful human being) am in comparison? Does it make a difference that an anonymous person stands up and posts abusive, indecent, critical, or whatever stuff about anyone else behind the veiled face of some User without any detailed study and comprehensive knowledge of the subject matter under discussion? Who knows if this username is fifth or sixth user name of one exiled member (just an example). I mean whoever he is makes no difference at all. Here we have seen examples of people who left no stone unturned to destroy the environment of the forum. Eventually they were banned. Any of them can revert. Further, what goes wrong if any of them gets registered at any other forum and post indecent or critical things about http://www.acccountancy.com.pk. Is it a criterion to judge something? I wonder.

This is nothing a proven fact, that has been quoted here by Boss as such. He used to appear very sensible lately and I don’t know what made him to write like this. If a new user (may be existing one with new name) will arise and post indecent things about Boss or any other member, would it be a reason for others to quote it on other threads to settle the scores? This would be childish.

The forum’s repute is affected when we make it a chat room. It comes to at stake when someone who qualifies ACCA as an affiliate in Dec 2008 openly claims to be a member of ACCA in 2006 and offers no explanation for such criminality. It is affected when someone uses unprovoked indecent language for others, specially the female members of the forum. Repute is affected when members use many user IDs and keep on posting different things to portray that a lot of people are speaking in favor of a cause. Repute is affected when we raise ignorant questions that why Code of Ethics of IFAC is followed in Pakistan. It gets affected when we humiliate the professional bodies, institutions and firms without any justifiable excuse by using their names and making uninformed decisions to the matters bigger than our thoughts.

I hope the ones who need to understand would find it absorbable.

Regards,
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10-15-2010, 08:13 PM
Post: #13
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Boss</i>
<br />Dear Awais,

Kamran seems to have some jealousy or allergy from you, although i dont know about your past interaction with him, but i observed you do not reply in a way you should respond to him against his posts for you.

This is your good and positive act on the one side, however, it leads to give more chance to him to say some thing against you time and again. You two should either decide to be professional at the forum and act like professionals, or do no post against each other at any thread. Although, this has already been decided earlier at other thread, however, kamran did not act on what he said.

I saw one of the members claiming the same against him that he makes most of the topics into the futile discussion of CA VS ACCA debate at the following thread;
http//www.accountancy.com.pk/forum/topic.asp?topic_id=11717

Seniors should act like seniors, else how would juniors and precursor would react over such actions?


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">



Dear fellow

I could not understand one contradiction in your above post and would be grateful if you can clarify it in some convenient time.

You said

....."although i dont know about your past interaction with him"....


At the same time you also wrote that

........"Although, this has already been decided earlier at other thread, however, kamran did not act on what he said"......


I believe only one of the two above statements can be truthful so I am wondering if you can elucidate.

Further to it, can you please quote my post where I agreed on what you decalred as under

....."kamran did not act on what he said"......


Let me also see what I said and on what I did not act.

Although you are under no obligation to reply, yet, morally a reply should come since the allegation should be explained with evidence and the alleged one should be given an opportunity of being heard in detail.


Regards,
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10-15-2010, 08:19 PM
Post: #14
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Boss</i>
<br />Dear Awais,

Kamran seems to have some jealousy or allergy from you, although i dont know about your past interaction with him, but i observed you do not reply in a way you should respond to him against his posts for you.
This is your good and positive act on the one side, however, it leads to give more chance to him to say some thing against you time and again. You two should either decide to be professional at the forum and act like professionals, or do no post against each other at any thread. Although, this has already been decided earlier at other thread, however, kamran did not act on what he said.

I saw one of the members claiming the same against him that he makes most of the topics into the futile discussion of CA VS ACCA debate at the following thread;
http//www.accountancy.com.pk/forum/topic.asp?topic_id=11717

Seniors should act like seniors, else how would juniors and precursor would react over such actions?


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Dear Boss
I do not want to directly involve in any contravention with anyone.

We should strive for to make the forum a good plateform for new commers.
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10-15-2010, 08:37 PM
Post: #15
 
<font size="1"><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by awaisaftab</i>

Dear Yasir yeh sun ke khushee huyee k ap mujh se naraz nhn hain. Jhan tak interuption ka taluq ha to yhan koyee technical discussion to chal nhn rahee so lage raho.

Waise ab is Hosila Shikn Wale lafz ka peecha chore do to Acha hoga. Ap mujh se jab bhee directly baat kerte ho to yeh Hosila SHIKNI k alfaz zaroor use kerte ho. Hope you will not use these words in future.

Han Khairiat laine ka shukria

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

</font id="size1">

Dear Awais, Yeh perh kar mujhay bhi khushi hui k Aap nay mari baat per yakeen kia. Aap nay mujh say kaha k Main "Hosla-shikni" ka lafz mustakbil main na istimaal karun, Agar aap ko meray iss Lafz "Hosla-shikni" k istimaal karnay say koi uljhan hui Tu meraa ek baar phir yakeen kijiyay k main Aap ki khidmat main Maazrat-khuaan hun.

Yeh lafz "hosla-shikni" main nay aap hi ki tehreer main kahin parha tha Aur mujhay bohat pasand aya tha, Lakin ab aap hi k kehnay per main Ainda aap say baat kartay huay iss Lafz "hosla-shikni" ko istiamal na karnay ki mukamal koshish karunga. Lakin kabhi kisi Aur say Mukhatib hotay wakt adatan yeh lafz "hosla-shikni" mari Tehreer main nazar ajai Tu naraz mat hoiyay ga..

Aap k liay Naik Tammanain rakhnay wala, Aap ka ye masooom bhai,

Yasir.
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