Regulatory Alerts2017-12-06
Added · Updated
Listed Companies (Code of Corporate Governance) Regulations, 2017
These regulations impose specific governance requirements on listed companies in Pakistan, including a limit of five simultaneous directorships, a board composition mandate of at least one female director and independent directors comprising one-third or two members, and a prohibition on the Chairman and CEO being the same person. The rules establish detailed obligations for board responsibilities, risk management, significant issue reporting, and related party transactions, while setting strict qualification criteria for the Chief Financial Officer, Company Secretary, and Head of Internal Audit. Additionally, the regulations mandate a phased director training program with compliance deadlines of June 30, 2019, 2020, and 2021, and require the endorsement of financial statements by the CEO and CFO prior to board approval.