05-20-2005, 08:45 PM
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
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