RegAlert2018-12-10
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.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 5 th December, 2018 NOTIFICATION S.R.O. 1475 (I)/2018.- In exercise of the powers conferred by section 512, read with sections 156, of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission is pleased to notify the following amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2017, the same having been previously published in the official Gazette vide Notification S.R.O. 1319(I)/2018, dated November 02, 2018, as required under proviso to sub-section (1) of the said section 512, namely:- In the aforesaid Regulations,-
- In regulation 10,-
(a) after sub-regulation (1), the following new sub-regulation shall be inserted, namely:- “(1A) The board of directors is responsible for adoption of corporate governance practices by the company and monitoring effectiveness of such practices and the members of board shall ensure to apply high ethical standards in performing their responsibilities.”; (b) in sub-regulation (3),- (i) in clause (i), after the expression “mission statement” the expression “, monitoring the effectiveness of the company’s governance practices” shall be inserted; (ii) in clause (ii), for the expression “code of conduct is in place” the expression “code of conduct or code of ethics is in place and is adopted” shall be substituted; (iii) for clause (iii), the following shall be substituted, namely:- “(iii) adequate policy, systems and controls are in place for communication and disclosure with stakeholders, identification and redressal of grievances and queries of shareholders/ investors and complaints arising from unethical practices;”; and
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.