03-08-2007, 10:13 PM
Dear,
Yes, your views have convincing weightage and I have already principally agreed to your explanation.
But I think u are not much aware of the behaviour of ICAP and SECP on such issues.
These bodies, besides having a good repo, have done nothing i.r.o the culprits of Mehran Bank Scandle, Crescent Standard Investment Bank and other such cases in leasing sector. Although SECP changed the BOD of one or two of such companies and appointed the administartors, still, the guilty people are never captured and brought to the table. You can even see them (the resposnible persons) within the govermental circles on television on daily basis. SECP so many times left the auditors of such companies in the final trials without any penal action.
Do u really feel that standards, corporate governance code and other such requirements are implemented in their true spirit? I can see the companies where the peons have been given qualification shares to make them directors in order to comply the code of corporate governance. Simply drafting the mission/vision statements will never change our culture. In my view we should follow the international standards as we are now issueing GDRs and for cross border deals, reporting should always comply the international frameworks. I agree to your proposal that standards should not be relaxed.
But in this country, those who are conferred upon the governance, should consider the practical difficulties and play a positive role. CBR is an institution which has never accepted the true results for the sake of enhancing their revenues and broadening their tax base or whatever.
As you recommended, I think CBR should be pursued to direct its machinery to save the tax payers from double taxation.
Best regards,
KAMRAN
Yes, your views have convincing weightage and I have already principally agreed to your explanation.
But I think u are not much aware of the behaviour of ICAP and SECP on such issues.
These bodies, besides having a good repo, have done nothing i.r.o the culprits of Mehran Bank Scandle, Crescent Standard Investment Bank and other such cases in leasing sector. Although SECP changed the BOD of one or two of such companies and appointed the administartors, still, the guilty people are never captured and brought to the table. You can even see them (the resposnible persons) within the govermental circles on television on daily basis. SECP so many times left the auditors of such companies in the final trials without any penal action.
Do u really feel that standards, corporate governance code and other such requirements are implemented in their true spirit? I can see the companies where the peons have been given qualification shares to make them directors in order to comply the code of corporate governance. Simply drafting the mission/vision statements will never change our culture. In my view we should follow the international standards as we are now issueing GDRs and for cross border deals, reporting should always comply the international frameworks. I agree to your proposal that standards should not be relaxed.
But in this country, those who are conferred upon the governance, should consider the practical difficulties and play a positive role. CBR is an institution which has never accepted the true results for the sake of enhancing their revenues and broadening their tax base or whatever.
As you recommended, I think CBR should be pursued to direct its machinery to save the tax payers from double taxation.
Best regards,
KAMRAN
