Regulatory Alerts2018-12-10
Added · Updated
Amendments to Listed CCG Regulations, 2017
The Securities and Exchange Commission of Pakistan amends the Listed Companies (Code of Corporate Governance) Regulations, 2017, to mandate board responsibility for adopting and monitoring corporate governance practices and high ethical standards. The amendments revise regulations regarding the code of ethics, stakeholder communication, and senior executive selection, while introducing exemptions from director training certification based on specific years of education and professional experience. New provisions exempt existing Chief Financial Officers and Heads of Internal Audit with at least fifteen years of experience from certain qualification criteria and prohibit individuals from simultaneously holding the positions of Company Secretary and Chief Financial Officer. Additionally, listed companies are authorized to post key policy elements, such as codes of ethics and risk management frameworks, on their websites.