Regulatory Alerts2025-04-22
Added · Updated
Listed Companies (Code of Corporate Governance) Regulations, 2019
The Securities and Exchange Commission of Pakistan mandates that listed companies adhere to a 'comply or explain' approach for non-mandatory provisions while strictly enforcing mandatory requirements under Regulation 37. The regulations impose specific board composition limits, including a maximum of seven simultaneous directorships, a requirement for at least one female director, and a cap on executive directors at one-third of the board. New provisions require the CEO and at least one-third of directors to attend general meetings, establish sustainability governance structures, and implement anti-harassment and whistleblowing policies. Additionally, the document sets qualification criteria for chief financial officers and outlines mandatory reporting obligations for significant risks, related party transactions, and board performance evaluations.