ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has constituted a committee to review the conduct of listed companies for holding shareholding meetings.
The committee comprises representatives from the Pakistan Stock Exchange (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.
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 will 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 the meeting, and identifying the role of technology in enhancing efficiency.
Published in Dawn, November 3rd, 2023
