The recently set up Pakistan Institute of Corporate Governance (PICG) was established to promote and help improve upon corporate governance practices in Pakistan. PICG is now launching a corporate governance survey to determine the current state of corporate governance practices in the country. ACCA Pakistan would be providing assistance in this regards.
The Securities and Exchange Commission of Pakistan (SECP) and International Finance Corporation (IFC) recently signed a memorandum of understanding to launch the Pakistan Corporate Governance Project (PCGP).
The objective of the survey is threefold: first, it will allow all stakeholders to gain an understanding of the extent to which banks and companies in Pakistan follow good corporate governance practices, in line with Pakistan’s Code of Corporate Governance and internationally recognized best practices, such as the OECD Principles of Corporate Governance and Basel Committee’s recent guidance on enhancing corporate governance for banking organizations. Secondly, by identifying areas for improvement, the survey’s results will also assist both the private and public sectors to close any gaps between best and current practices. Finally, the survey will provide the PICG and IFC’s Pakistan Corporate Governance Project with a baseline on which to focus its corporate governance reform activities.
IFC and SECP have developed two questionnaires on corporate governance. ACCA Pakistan will review both questionnaires, and develop one final version based on its experience and knowledge, tailored and adapted to corporate governance issues as they relate to Pakistan.
The interviews for the survey would target the following individuals: members of the board of directors (in particular the chairman of the board, independent directors and members of the audit committee), chief executive officer/ general manager, chief financial officer/ finance director, corporate counsel and /or corporate Secretary.
The results of the survey will be presented at a public roundtable to banks and companies, as well as government representatives, regulators, other technical assistance providers, and other relevant stakeholders. The names of participating companies and banks would be kept confidential, unless otherwise directed in writing by them.