Regulatory Alerts2021-02-03
Added · Updated
Amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018
The Securities and Exchange Commission of Pakistan amends the Associations with Charitable and Not for Profit Objects Regulations, 2018, to explicitly permit directors and the chief executive officer to receive meeting fees and reimbursement for actual expenses incurred while attending board or committee meetings. The revised regulation mandates that the directors’ report attached to the financial statements must disclose the specific payment of meeting fees and reimbursement of expenses for each director and the chief executive. Additionally, for public sector companies, the board must comply with all applicable laws, instructions, and policies of the relevant line ministry when approving these meeting fees.
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