November 02, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has constituted a committee of experts to review the manner of conduct of shareholder meetings by companies listed on Pakistan Stock Exchange (PSX) and related matters, as revealed in a press release issued today.
The formulation of the committee is aimed at identifying reforms which can increase transparency in the manner of conducting the shareholder meetings and ensuring adequate redressal of concerns, particularly from minority shareholders.
The committee shall be responsible for reviewing the regulatory requirements relating to the conduct of meetings of shareholders, including the manner of election of directors and the use of proxies, identifying areas of concern, and suggesting reforms.
The Committee is further tasked with proposing an appropriate monitoring mechanism of meeting proceedings, including the recording of the minutes of meeting, and identifying the role of technology in enhancing efficiency.
The Committee shall include representatives from PSX, Central Depository Company (CDC), Mutual Funds Association of Pakistan (MUFAP), Pakistan Business Council (PBC), Institute of Chartered Accountants of Pakistan (ICAP), Pakistan Institute of Corporate Governance (PICG), and the CFA Society.
