Pakistan forms institute of corporate governance

[Mahtab]

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

commission’s 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 Pakistan’s

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.