Independent director appointment for Foundation Securities to improve governence: VIS

News Image

MG News | July 11, 2019 at 09:47 AM GMT+05:00

0:00

July 11, 2019: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Foundation Securities (Private) Limited at ‘BMR2’, with a ‘stable’ outlook.

As per VIS, the rating signifies strong risk management; sound internal and external control framework, client relationship and HR & IT infrastructure with adequate financial management and regulatory compliance levels.

The rating reaffirmation takes into account FSL’s adequate board level governance. However, increase in Board size along with appointment of an independent director and chairing of Board Audit Committee (BAC) by the same would positively impact the board level governance, said the rating company.

They further added that internal control environment is considered effective with sufficient and well-defined policies while further improvement was witnessed in employee trading guidelines.

Moreover, appointment of independent head of internal audit has improved the overall risk management. Organizational and IT structure are sound; also the company’s risk profile is contained with the policy of not carrying a propriety book.

“Grading, however, is constrained on account of business risk being concentrated in brokerage activity only. Diversification in to advisory, underwriting and other services may reduce business risk and enhance revenue generation,” concluded VIS.

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 19, 2025 at 04:28 PM GMT+05:00

4.7m families get BISP aid in Punjab


July 19, 2025 at 03:00 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


July 19, 2025 at 02:49 PM GMT+05:00

RDA attracts $182m in June


July 19, 2025 at 02:49 PM GMT+05:00

M2 falls by Rs455bn in a week



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg