12-20-2004, 09:23 PM
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
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