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Full Version: What if the Code isn't followed?
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The Pakistan Code of Corporate Governance, as published by PICG, under the heading of <b>Compliance with the Code of Corporate Governance</b> states that

<b>(xlv)All listed companies shall publish and circulate a statement along with their annual reports to set out the status of their compliance with the best practices of corporate governance set out above.

(xlvi)All listed companies shall ensure that the statement of compliance with the best practices of corporate governance is reviewed and certified by statutory auditors, where such compliance can be objectively verified, before publication by listed companies.

(xlvii)Where the Securities and Exchange Commission of Pakistan is satisfied that it is not practicable to comply with any of the best practices of corporate governance in a particular case, the Commission may.... relax the same subject to such conditions as it may deem fit.

As i understand, even in a case of non-compliance with some of the best practices, a listed company will only mention those areas of CCG with which they have complied with.
I have two questions in this regard..
<b>In case of non-compliance with the best practices, will the listed company have to publish the reasons of non-compliance?</b>
<b>What action will be taken by the SECP if a company fails to publish the Statement of Compliance with the Best Practices? </b>
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