09-21-2005, 08:20 PM
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.
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.