Regulatory Alerts2024-02-19
Added · Updated
Fit and Proper Criteria for Promoters, Board of Directors & CEO of Corporate Restructuring Companies
The Securities and Exchange Commission of Pakistan mandates fit and proper criteria for the eligibility assessment of promoters, major shareholders, directors, and the Chief Executive Officer of Corporate Restructuring Companies. Proposed directors and CEOs must obtain prior Commission approval before assuming office, with applications requiring specific information and affidavits. The assessment considers integrity, financial soundness, competence, and conflict of interest, while directors require at least five years of senior management experience and CEOs seven to ten years. The criteria are perpetual, prohibiting individuals from holding concurrent roles in other CRCs or the Corporate Restructuring Board.
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