04-25-2006, 06:44 PM
AOA Press Release IFC and Pakistanâs Securities and Exchange
Commission to Strengthen Corporate Governance Reforms in Pakistan
Islamabad and Cairo, The Securities and Exchange Commission of
Pakistan and the International Finance Corporation, the
private sector arm of the World Bank Group, today signed a Memorandum
of Understanding today in Islamabad to promote and support corporate
governance reforms in Pakistan. Dr. Tariq Hassan, Chairman of the
Securities and Exchange Commission of Pakistan, said, âThis is the
first project to tackle corporate governance reforms on a
comprehensive basis in our country. The project sets out to strengthen
current practices of financial institutions and corporations. It will
also advise the public sector on how to improve upon the legal and
regulatory framework for corporate governance and will build
institutional capacity for developing corporate governance curricula
and training.â He added that the project would help the Pakistan
Institute of Corporate Governance become a leading provider of
knowledge and awareness related to corporate governance practices in
the country. âWhat makes this joint initiative so unique,â added
Michael Essex, IFCâs Acting Director for the Middle East and North
Africa, âis that it will attempt to turn a short-term technical
assistance project into a sustainable structure that can provide
quality corporate governance services. It will do so by working both
with and through the recently established Pakistan Institute of
Corporate Governance.â The initiative announced today, the Pakistan
Corporate Governance Project, is fully funded by IFC and proposes to
support the Pakistan Institute of Corporate Governance in five key
areas
Setting up training and certificate programs on corporate governance for company directors, managers, and secretaries;
Building capacity for research and development to conduct surveys, issue publications, and produce best practice manuals;
Developing and providing consulting and advisory services on corporate governance to Pakistanâs banks and corporations;
Raising awareness of corporate governance practices via conferences, seminars, and roundtables;
Providing policy advice to the government on legal and regulatory reforms relating to corporate governance.
âThis joint initiative is a business project, with clearly defined
goals, objectives, and activities that are to be laid out in a
detailed business planâ said Jesper Kjaer, General Manager of IFCâs
Private Enterprise Partnership for the Middle East and North Africa
(PEP-MENA). He added, âAll future services are to be based on
internationally recognized best practices, yet tailored to Pakistanâs
emerging market environment, focusing on key corporate governance
issues that are relevant to family-owned structures. These include
building professional boards, implementing internal control systems,
facilitating succession planning, and ensuring information disclosure
for minority, outside shareholders." PEP-MENA is IFCâs technical
assistance facility that supports private
sector development in the Middle East and North Africa. PEP-MENA
focuses on improving the business enabling and regulatory environment
in the region; strengthening the financial sector; promoting the
growth of small and medium enterprises and their support services,
such as business organizations and consulting firms; helping
restructure and privatize state-owned enterprises; and developing
viable private sector and public-private partnership projects,
especially in infrastructure. The mission of IFC (www.ifc.org) is to
promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve peopleâs lives. IFC finances
private sector investments in the developing world, mobilizes capital
in the international financial markets, helps clients improve social
and environmental sustainability, and provides technical assistance
and advice to governments and businesses. From its founding in 1956
through FY04, IFC has committed more than $44 billion of its own funds
and arranged $23 billion in syndications for 3,143 companies in 140
developing countries. IFCâs worldwide committed portfolio as of FY04
was $17.9 billion for its own account and $5.5 billion held for
participants in loan syndications. The Securities and Exchange
Commission of Pakistan (www.secp.gov.pk) is the apex regulator of the
corporate sector, capital market, and nonbank financial sector in
Pakistan. The Commission introduced the Code of Corporate Governance
in Pakistan through the listing regulations of the stock exchanges and
has been actively involved in promoting awareness and implementation
of good corporate governance. It played a lead role in establishing a
dedicated institute on corporate governance, the Pakistan Institute of
Corporate Governance, as a public-private partnership that provides an
enabling environment for effective implementation of the Code of
Corporate Governance. The Pakistan Institute of Corporate Governance
is a not-for-profit company set up under Section 42 of the Companies
Ordinance, 1984. It aims to undertake activities that help achieve
good corporate governance in Pakistan and to create an enabling
environment for effective implementation of the Code of Corporate
Governance. The Instituteâs initial sponsors comprise a balanced
representation of all major stakeholders from the countryâs public and
private sectors. The founding members have subscribed to the
Instituteâs Memorandum of Association.
Regards
Mahtab
Commission to Strengthen Corporate Governance Reforms in Pakistan
Islamabad and Cairo, The Securities and Exchange Commission of
Pakistan and the International Finance Corporation, the
private sector arm of the World Bank Group, today signed a Memorandum
of Understanding today in Islamabad to promote and support corporate
governance reforms in Pakistan. Dr. Tariq Hassan, Chairman of the
Securities and Exchange Commission of Pakistan, said, âThis is the
first project to tackle corporate governance reforms on a
comprehensive basis in our country. The project sets out to strengthen
current practices of financial institutions and corporations. It will
also advise the public sector on how to improve upon the legal and
regulatory framework for corporate governance and will build
institutional capacity for developing corporate governance curricula
and training.â He added that the project would help the Pakistan
Institute of Corporate Governance become a leading provider of
knowledge and awareness related to corporate governance practices in
the country. âWhat makes this joint initiative so unique,â added
Michael Essex, IFCâs Acting Director for the Middle East and North
Africa, âis that it will attempt to turn a short-term technical
assistance project into a sustainable structure that can provide
quality corporate governance services. It will do so by working both
with and through the recently established Pakistan Institute of
Corporate Governance.â The initiative announced today, the Pakistan
Corporate Governance Project, is fully funded by IFC and proposes to
support the Pakistan Institute of Corporate Governance in five key
areas
Setting up training and certificate programs on corporate governance for company directors, managers, and secretaries;
Building capacity for research and development to conduct surveys, issue publications, and produce best practice manuals;
Developing and providing consulting and advisory services on corporate governance to Pakistanâs banks and corporations;
Raising awareness of corporate governance practices via conferences, seminars, and roundtables;
Providing policy advice to the government on legal and regulatory reforms relating to corporate governance.
âThis joint initiative is a business project, with clearly defined
goals, objectives, and activities that are to be laid out in a
detailed business planâ said Jesper Kjaer, General Manager of IFCâs
Private Enterprise Partnership for the Middle East and North Africa
(PEP-MENA). He added, âAll future services are to be based on
internationally recognized best practices, yet tailored to Pakistanâs
emerging market environment, focusing on key corporate governance
issues that are relevant to family-owned structures. These include
building professional boards, implementing internal control systems,
facilitating succession planning, and ensuring information disclosure
for minority, outside shareholders." PEP-MENA is IFCâs technical
assistance facility that supports private
sector development in the Middle East and North Africa. PEP-MENA
focuses on improving the business enabling and regulatory environment
in the region; strengthening the financial sector; promoting the
growth of small and medium enterprises and their support services,
such as business organizations and consulting firms; helping
restructure and privatize state-owned enterprises; and developing
viable private sector and public-private partnership projects,
especially in infrastructure. The mission of IFC (www.ifc.org) is to
promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve peopleâs lives. IFC finances
private sector investments in the developing world, mobilizes capital
in the international financial markets, helps clients improve social
and environmental sustainability, and provides technical assistance
and advice to governments and businesses. From its founding in 1956
through FY04, IFC has committed more than $44 billion of its own funds
and arranged $23 billion in syndications for 3,143 companies in 140
developing countries. IFCâs worldwide committed portfolio as of FY04
was $17.9 billion for its own account and $5.5 billion held for
participants in loan syndications. The Securities and Exchange
Commission of Pakistan (www.secp.gov.pk) is the apex regulator of the
corporate sector, capital market, and nonbank financial sector in
Pakistan. The Commission introduced the Code of Corporate Governance
in Pakistan through the listing regulations of the stock exchanges and
has been actively involved in promoting awareness and implementation
of good corporate governance. It played a lead role in establishing a
dedicated institute on corporate governance, the Pakistan Institute of
Corporate Governance, as a public-private partnership that provides an
enabling environment for effective implementation of the Code of
Corporate Governance. The Pakistan Institute of Corporate Governance
is a not-for-profit company set up under Section 42 of the Companies
Ordinance, 1984. It aims to undertake activities that help achieve
good corporate governance in Pakistan and to create an enabling
environment for effective implementation of the Code of Corporate
Governance. The Instituteâs initial sponsors comprise a balanced
representation of all major stakeholders from the countryâs public and
private sectors. The founding members have subscribed to the
Instituteâs Memorandum of Association.
Regards
Mahtab