SECP seeks public feedback on key corporate governance reforms

October 24, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) invites public comments/feedback on the proposed amendments in the Listed Companies (Code of Corporate Governance) Regulations, 2019 and Companies (Postal Ballot) Regulations, 2018.

The proposed amendments intend to prescribe shareholding limit for independent directors, omission of category-wise voting scheme, broaden the scrutinizer’s role to bring transparency in the process of accepting/rejecting nominations for election of directors and ?and other reforms relating to corporate governance.

Earlier, the SECP constituted a committee comprising of relevant stakeholders and experts to enhance transparency and improve overall manner in which the shareholder meetings are being conducted.

The SECP also obtained feedback on the committee’s report and the reforms are being initaited in light of committee’s recommendations.

Further, detail of proposed reforms along with feedback in comparative form have also been placed on SECP website for ease of reference.

The SECP is committed to adopting measures that will strengthen the rights of shareholders, enhance corporate governance and uphold market integrity. 

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