SECP seeks to align Companies Act to promote business growth

March 14, 2023 (MLN): In order to align the company law with international best practices and promote business growth and development in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) has initiated a comprehensive review of the Companies Act, 2017, the statement issued by the commission on Tuesday revealed. 

To that end, Mr. Akif Saeed, Chairman of the SECP has established a Special Committee tasked with reviewing the Act, recommending amendments, and organizing an extensive consultation with stakeholders.

SECP believes that expert opinions and insights can play a vital role in ensuring that any proposed changes in the Act align with international best practices.

"SECP welcomes all stakeholders, including industry experts, business owners, investors, lawyers, accountants, corporate consultants, experts, and other stakeholders, to share their thoughts that could improve the Companies Act, 2017," the statement reads.

Stakeholders are urged to provide their feedback and suggestions on areas such as governance, compliance, financial reporting, stakeholder facilitation, and any other critical aspect of the Act, it noted. 

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