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+--- Thread: Pakistan forms institute of corporate governance (/showthread.php?tid=1443)
Pakistan forms institute of corporate governance - Mahtab - 12-20-2004
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
are able to 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 to 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
to 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
- maani - 01-01-2005
plz brief ur post...so we can extract the meanings...plz
Ace
- Mahtab - 01-03-2005
AOA
Mani
Sorry for inconvenience
I just want to know Views/Comments of Members of this Forum on
"Formation of Pakistan Institute of Corporate Governace"
Regret for any problem you face by my Post
Thanks and Regards
Mahtab
- Pracs - 01-04-2005
What kind of a response are you looking for mahtab...?
we will have to wait and see how and what this institute adds to the corporate world. From what i gather it does not have any regulatory say on the issue. I guess it will function more on the lines of ''Institute of South Asian Studies'',.. more of a think tank and research centre
Perhaps an institute with some sort of regulatory role would be more effective. Then again as per my humble opinion government watch dogs like the SECP and the State Bank (for financial institutions)are more suited with widening regulatory authority...
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
Edited by - Pracs on Jan 03 2005 75754 PM
- Mahtab - 02-02-2005
AOA here is Extraction from ICAP's website
"The Institute of Chartered Accountants of Pakistan is entrusted with an important public interest statutory mandate under the Chartered Accountants Ordinance, 1961 of regulating the profession of accountants. The members of the accounting profession play a key role in corporate governance, both as part of management, and as the external auditors of the corporate entities in Pakistan. A number of ICAP members also serve as Chairmen, Chief Executives, board members and members of audit committees of corporate entities.
The efforts of ICAP resulted in the Draft Code of Corporate Governance later re-examined and enforced by the Securities & Exchange Commission of Pakistan (SECP) through the listing rules of the stock exchanges in May 2002?. Recently the SECP has announced the formation of an Institute of Corporate Governance of which ICAP is a founder member.
ICAP as a part of its pro-active role of providing guidance to its members in all areas of their professional performance is also in the public interest required to reach out to those who are actively involved in any manner with the management and ownership of corporate entities but may not be members of ICAP.
Accordingly, ICAP has set up a Group on Corporate Governance under its aegis that will not only supplement the efforts of the Institute of Corporate Governance but intends to address the issues relating to the subject of Corporate Social Responsibility, of which Corporate Governance is an important part, and prepare and provide practical guidelines and framework for the Pakistani business environment".
Regards
Mahtab
- Sarfaraz - 02-06-2005
Ufffffffff bahiyooooo agar itni lambeeee lambeeee cheezain parh sakte to first attempt main CA qualify na kar jate
plz short words main batain k kehna kia chahte hain........
There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
- Shahid_fss - 03-07-2005
Hahaha
On screen, when I read 5th line, after complition I find out that somewhere in the middle of the line I jumped to 6th or 7th line.
so when I started it was 5th but when I ended it was 7th line.
Long topics always confuse me.
========================
```*``` I love stars;
*`*`*`* Shining;
`*`*`*` and Smiling;
*`````* Always.
------------------------
Shahid_fss@yahoo.com
http//www.shahid-fss.tk
========================
- Mahtab - 04-20-2005
AOA
Shahid & Sarfraz
Sorry for Long Post
Regards
Mahtab
- Mahtab - 05-20-2005
AOA
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
- Mahtab - 09-21-2005
Pakistan Institute of Corporate Governance (PICG) Introduction
Sound corporate governance has emerged as a crucial success factor in
national and international markets. 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 share-
holders. Empirical research also suggests that jurisdictions
that adhere to good governance practices tend to attract more capital.
Although governments play a central role in shaping the legal,
institutional and regulatory climate, the major responsibility lies
with the corporate sector itself. Fair participation and collective
will of all major stakeholders is required to improve the corporate
governance culture of any country. This requires an institutional
arrangement where all major stakeholders may come collectively and
discuss governance practices, identify problems and their solutions
and evolve best governance practices.
Establishment of Institute The Pakistan Institute of Corporate
Governance (PICG) has been set up as a not-forprofit company, limited
by guarantee and without share capital.
It has been licensed under Section 42 of the Companies Ordinance, 1984.
The PICG will undertake activities geared towards achieving good
corporate governance in the country and creating an enabling
environment for effective implementation of the Code of Corporate
Governance. The PICG anticipates becoming a leading provider of
knowledge and awareness in the country related to corporate
governance practices. It will strive to encourage best practices in
corporate governance in public and private sectors, with focus on
capacity building of board of directors, management, policy makers,
investors, and other stakeholders. It shall also endeavor to cover
all the issues related to corporate governance at national and
international level.
Promoters The PICG has been formed through initial sponsors,
which comprise a balanced representation of major stakeholders from
public and private sectors.
The promoters of PICG are as follows
Corporate Regulator
· Securities and Exchange Commission of Pakistan
Banking Regulator
· State Bank of Pakistan
Corporate Sector
· Federation of Pakistan Chambers of Commerce and Industry
· Overseas Investors Chambers of Commerce and Industry
- Mahtab - 09-21-2005
Non-banking Financial Sector
· Modaraba Association of Pakistan
· Leasing Association of Pakistan
· Mutual Funds Association of Pakistan
· Investment Banks Association of Pakistan
Banking Sector
· Pakistan Banksâ Association
Stock Exchanges
· Karachi Stock Exchange
· Lahore Stock Exchange
· Islamabad Stock Exchange
Academia
· Institute of Business Administration
· Lahore University of Management Sciences
Professional Institutions
· Institute of Chartered Accountants of Pakistan
· Institute of Cost and Management Accountants of Pakistan
· Institute of Corporate Secretaries of Pakistan
· Institute of Chartered Secretaries and Managers
· Management Association of Pakistan
Membership
The promoters of PICG, who have subscribed to its Memorandum of
Association, are the founding members.
Subsequent membership of PICG is open to individuals and corporates.
Objectives The major objectives of PICG are as follows
a. To promote awareness of corporate governance and to encourage
professionalinteraction among members.
b. To carry out activities of communication with the media, general
public, educators, investors, creditors, bodies corporate, directors,
business managers,auditors and other stakeholders so as to increase
awareness about and encourage compliance with good corporate
governance and socially responsible corporate practices, including
socially responsible investing.
c. To develop education and training initiatives including-
· Programs for education on corporate governance as a subject or any
specific area of corporate governance practices.
- Mahtab - 09-21-2005
· Programs on implementation of corporate governance practices &
application.
· Courses for education of directors on the way to execute their
responsibility.
· Programs directed towards the role, participation of auditors
including internal auditors.
· Sector specific programs on the area of corporate governance.
· Training prospective trainers in the area of corporate governance.
· Training needs assessments for various organizations.
d. To enhance self-regulating practices and to carry out
accreditation of selfregulatory organizations.
e. To strengthen compliance and conformance by bodies corporate to
laws, rules and regulations.
f. To enhance accountability of management to stakeholders including
members, employees, customers, suppliers & creditors of the body
corporate & the environment in which the body corporate does its
business.
g. To organize conferences, seminars, lectures and exhibitions either
independently or otherwise for the members or public at large.
h. To provide a platform for research and development work.
i. To establish and maintain a library, research centre, reviews,
periodicals, newspapers, investment updates, companies' statistics
and data.
j. To collect, collate and edit material for dissemination and to
print and publish newsletters, periodicals, books, reports, journals,
brochures, leaflets or other works of publication and disseminate the
publications to the members in connection with, or for the
furtherance of, the objects of the Institute.
k. To issue guidelines on matters of corporate governance to the
directors, management, secretaries, auditors and investors.
l. To encourage and provide a conducive environment for members to
exchange opinions, knowledge and information on corporate governance
issues.
m. To establish an effective forum of discussions and for the results
of these discussions to be communicated to the relevant government
agencies and regulators for amendments in the laws and regulations
where necessary.
n. To provide consulting services on matters pertaining to corporate
governance and allied matters and to generate revenues from the
intellectual assets created through its work.
Activities It is anticipated that in pursuing its objectives, the
Institute shall undertake the following activities and generate
income (wherever possible) therefrom
- Mahtab - 09-21-2005
· Education and training
· Awareness creation
· Resource center and research
· Issue of guidelines and publications
· Forum of discussions and representing views
· Consulting services
The PICG Board
The Board of Directors of PICG presently comprises the following
· Dr. Tariq Hassan (chairman)
· Mr. Danishmand (CEO)
· Mr. Jameel Ahmad
· Mr. S.H.A. Bukhari
· Mr. Muhammad Yasin Lakhani
· Mr. Mohammad Rafi
· Mr. Zaigham Mahmood Rizvi
· Mr. Zafar Iqbal Sobani
· Mr. Shaukat Tarin
· Mr. Chaudhry Mohammad Saeed
Board Committees
1. Executive Committee
The committeeâs main tasks include processing recruitment of staff,
developing membership criteria, ensuring that meetings are held, and
overseeing compliance with legal requirements.
2. Academic Committee
This committee shall be involved in searching for a core faculty team
as well as a full time CEO of PICG. It shall also develop a program
of activities over the year.
3. Finance Committee
The Finance Committee shall look at the financial and budgetary
matters, audit and accounting requirements, treasury functions,
monetize the in-kind contributions of LUMS and IBA, and collect
financial contributions from promoters of PICG.
- Mahtab - 09-21-2005
AOA
Thank You Very much for reading the above
for Details about PICG Memoradum & Articles of Ass.
Please Visit
www.secp.gov.pk/dp/pdf/MA_n_AA.pdf
Thanks
Mahtab
- Mahtab - 09-21-2005
Under the guidance of the Securities and Exchange Commission of
Pakistan (SECP), a Memorandum of Understanding (MoU), was signed on
Friday, by the representatives of leading private sector
organisations and the government regulators for setting-up the
Pakistan Institute of Corporate Governance (PICG).
The founding members of the PICG envision activities geared towards
achieving good corporate governance in Pakistan and creating an
environment for the effective implementation of the code of corporate
governance. The signing ceremony of the founding members was
presided over by the Chairman SECP, Dr Tariq Hassan, at the
commissionâs registration office. The agreement signed by the
founding members provides a platform for co-ordination among the
signatories for establishment and successful operation of the PICG
and nomination of authorised promoters to incorporate and register
the PICG. It was decided in the meeting that the new corporate
governance body being set-up by the SECP should be open to individual
membership too, once it starts functioning properly. Addressing the
participants of the meeting, the Chairman SECP Dr Tariq Hassan said
"The signing of the MoU is a landmark occasion in Pakistanâs
corporate governance history as all key players have come together to
commit their resources to promote good governance practice."
The President of the Pakistan Banks Association, Shaukat Tarin,
speaking on the occasion said
"The proposed PICG should develop essential guidelines and systems
for the companies to voluntarily seek its accreditation. The founding
members must ensure the value and prestige associated with this kind
of accreditation."
Also present on the occasion was President Federation of Pakistan
Chambers of Commerce and Industry, Riaz Tata, who appreciating the
role of research for the futuristic organisation.