NEWS ARTICLES ON CORPORATE GOVERNANCE

Corporate governance model cant be applied without change December 21, 2012 OUR STAFF REPORTER LAHORE The participants of workshop on Corporate Governance have stressed the need for modifications in global corporate governance model, saying that it could not be same for all countries as ground realities and economic conditions are not similar in different countries. Pakistan has its own culture and traditions therefore family influence over business in this part of the land matters more than any country of the world, they observed. The Corporate Governance Workshop for Small, Medium and Family Enterprises was organised by the Lahore Chamber of Commerce and Industry in collaboration with International Finance Corporation (IFC) on Thursday. IFC Project Officer Mohsin Ali, LCCI President Farooq Iftikhar, Vice President Mian Abuzar Shad, Associate Operations Officer Mehwish Bilal Khan, Convener LCCI Standing Committee on Code of Corporate Governance Altaf H Turab, Dr Shehla Javaid Akram and former LCCI Senior Vice President Ejaz A Mumtaz were the prominent speakers. Issues came under discussion included: Why Corporate Governance Matters to SMEs, Governance of Family Owned Enterprises and Role of Women Entrepreneurs. There was a consensus among the speakers that the businesses need strive for implementation of sound corporate governance practices to improve performance individually and boost investors confidence in a bid to improve the economy that has been facing multiple internal and external challenges. IFC Project Officer Mohsin Ali said corporate governance is also essential in ensuring transparency, strong and balanced economic development as well as in minimizing wastages. He said an ultimate objective of good corporate governance iss to ensure an efficient management to safeguard the resources and minimise the risks for shareholders. Speaking on the occasion, LCCI President Farooq Iftikhar said that the International Finance Corporation should prepare case studies for proper implementation of Corporate Governance in Pakistan.

He said like any developing economy, Pakistan also houses a large number of SMEs which not only employee major segment of workforce but also contribute to a great deal in GDP. Most of these SMEs are family owned enterprises and for that matter keeping in view the typical style of management adopted by Pakistani businessmen, the importance of learning about new concepts get manifold. CNWCCI founding president Dr Shehla Javed Akram said that it is really significant to understand that the economy grows if SMEs grow. It is therefore vital that all stakeholders of the economy like government, banks, industry, business promotion bodies to collaborate with each other to ensure the growth and sustainability of SMEs, she added. She urged the women to take part in business activities as this would not only increase their exposure but would also empower them in many ways. The Convener LCCI Standing Committee on Corporate Governance Altaf Turab said that good Corporate Governance has emerged as a set of dynamic principles inevitable for developing an evil-free environment both vertically and horizontally for business proliferation. OVERVIEW: This news article was published in December 21, 2012 in Lahore. It is focused on to modify the global corporate governance model according to different cultures and economic conditions of different countries. It stressed on the women participation in corporations, efficient management, strong and balanced economic development, minimizing wastages, risk of shareholders for improving the performances.

SECP holds Corporate Governance Regulations moot July 09, 2013 OUR STAFF REPORTER

Islamabad - The Securities and Exchange Commission of Pakistan (SECP) has organised a roundtable conference on Corporate Governance Regulations for not-for-profit associations. The conference aimed at seeking feedback and suggestions from stakeholders on newly drafted licencing procedure and rules for NGOs. It was attended by representatives of NGOs, accountants, lawyers, consultants and members of the civil society. The Commission has published the draft Licencing and Corporate Governance Regulations, 2013 for not-for-profit associations in April this year to elicit public opinion. While appraising the participants of the salient features of the proposed regulations, Nazir Ahmed Shaheen, Executive Director, SECP said that the SECP has the mandate given by its enabling law, to register and licence not-for-profit associations as limited liability companies.

Nazir Shaheen said that the new regulation regime for NGOs aimed to consolidate the licensing policy and to improve the procedures, related to the licensing of not-for-profit associations. It will ensure more logical checks in identifying genuine applicants for formation of corporate NGOs. He informed the participants that the proposed regulations shall apply only to companies licensed under Section 42, of Companies Ordinance 1984. The regulations specify prescribed form and documents for making application for seeking a license under Section 42 whereas promoters/ directors are required to have sufficient skills, knowledge and experience and majority of whom shall have independent background. According to the regulations, the board shall have a balance of executive and non-executive directors, including independent directors and those representing donors with the requisite skills, competence and knowledge. The executive directors and those representing donors shall not be more than one third of the elected directors, including the chief executive. The regulations also provide a liberal regime for small NGOs without compromising the essential requirements suggested for making their operations more transparent. It was the third round table organised by the SECP to consult the stakeholders for their feedback on draft regulations for NGOs. Earlier, as part of its consultative drive of the SECP similar roundtable conferences have been held in Lahore and Karachi. OVERVIEW This news article was published in December 9, 2013 in Islamabad. 3rd round table organized Conference was arranged by the SECP under Corporate Governance Regulations for not-for-profit associations for taking the feedback from stakeholders on newly drafted license procedure and imposed rules & regulations for NGOs. This conference was attended by lawyers, accountants, consultants and members of the civil society.

ACCA and CIPE moot on corporate governance September 26, 2013

ISLAMABAD (PR): ACCA Pakistan in collaboration with CIPE organised a conference on corporate governance in public sector enterprises on 24 September 2013 at Serena Hotel, Islamabad. The conference commenced with Moin Fudda, country director, CIPE, giving the opening remarks on the agenda. The Public Sector Enterprises (PSEs) are major source of public sector employment but at the same time lack of corporate governance has pushed most of these organizations into losses. Perhaps the only way out is implementing a strong code of corporate governance. OVERVIEW This news article was published in September 26, 2013 in Islamabad. ACCA and CIPE arranged the conference on corporate governance in Serena hotel. The purpose of organized a conference is to implement strong codes for corporate governance to safe the organization into losses.

SECP extends deadline on corporate governance code November 12, 2010 OUR STAFF REPORTER

ISLAMABAD (APP) - In order to accommodate the concerns and views of all stakeholder adequately, the Securities and Exchange Commission Pakistan (SECP) has extended the deadline for submitting comments on the amended Code of Corporate Governance to December 5.This has been done to give the stakeholder ample time to provide their valuable inputs, said a press release issued here on Thursday. The SECP launched a consultation process on October 6 to reform the 2002 Code of Corporate Governance. The code had been revised taking into account the lessons learnt from the practical issues and considerations relevant to the listed companies and to ensure that it reflects changing governance concerns, practices and economic. OVERVIEW This news article was published in November 12, 2010 in Islamabad. It is published for ensuring to extending the deadline to 5 December. Purpose of extending the deadline is stakeholders to provide valuable inputs. The codes are revised for improving the

performance and practices of corporate governance.

Corporate governance makes family-run business successful March 22, 2013 OUR STAFF REPORTER LAHORE - In US and EU over 85 per cent businesses are family run and are quite successful only because of implementation of true corporate governance that is a key to growth and helps minimize wastages as it leads to a good flow of capital minimizes corruption, risks and mismanagement besides lowering capital costs. It is imperative in a growing economy like ours to boost investors confidence and good corporate governance leads to greater confidence. This was the upshot of speeches and presentations made at one-day training workshop on Corporate Governance jointly organised by the Lahore Chamber of Commerce and Industry and International Finance Corporation (IFC) here at LCCI on Thursday. LCCI President Faros Iftikhar, former LCCI President Tariq Hameed, Mohsin Ali from IFC, LCCI Executive Committee Member Shoaib Zahid Malik and Convener LCCI Standing Committee on Corporate Governance Altaf Hussain Turabi. They said that the companies that have good corporate governance structures always perform better than those that have weak governance structures. Every organisation should have structures that ensure safe growth as business failures were largely due to poor corporate governance structures. The LCCI President Farooq Iftikhar said that corporate governance is an increasingly important area of focus for stakeholders in all organizations and particularly those listed on publicly traded exchanges. Today, all the organizations operating either at large or medium scales are facing ever greater challenges in addressing risk management, business ethics, strategic plans and internal controls. Due to the ever changing societal norms, increasingly complex business environment and the recent corporate collapse of companies around the globe, Corporate Governance has emerged as an imperative issue at the forefront of organizational concerns. Good corporate governance, for being a key driver of business performance, is not just an

essential but a necessity for economic revival of the country and a major tool when it comes to attracting foreign investors. There was a consensus among the speakers that the businesses need strive for implementation of sound corporate governance practices to improve performance individually and boost investors confidence in a bid to improve the economy that has been facing multiple internal and external challenges. Pakistan has its own culture and traditions therefore family influence over business in this part of the land matters more than any country of the world. He said that the International Finance Corporation should prepare case studies for proper implementation of Corporate Governance in Pakistan. Like any developing economy, Pakistan also houses a large number of SMEs which not only employee major segment of workforce but also contribute to a great deal in GDP. Most of these SMEs are family owned enterprises and for that matter keeping in view the typical style of management adopted by Pakistani businessmen, the importance of learning about new concepts get manifold. OVERVIEW This news article was published in March 22, 2013 in Lahore. This article tells that the business run by the families in a corporate sector was always successful in Pakistan. Advantages of family run businesses is low capital cost, minimization of wastage, corruption and risk, growing economy, investors confidence, safe growth structure, etc. Speakers shared their experiences in this article regarding to the family run businesses.

Good Corporate Governance is a key driver of business performance: Speakers By PPI News Agency Lahore, December 20, 2012 (PPI-OT): Good Corporate Governance, for being a key driver of business performance, is not just an essential but a necessity for economic revival of the country and a major tool when it comes to attracting foreign investors. This was the upshot of the speeches delivered at a Corporate Governance Workshop for Small, Medium and Family Enterprises organized by the Lahore Chamber of Commerce and Industry in Collaboration with International Finance Corporation (IFC) at the LCCI on Thursday.

LCCI President Farooq Iftikhar, Vice President Mian Abuzar Shad, IFC Project Officer Mohsin Ali, Associate Operations Officer Mehwish Bilal Khan, Convener LCCI Standing Committee on Code of Corporate Governance Altaf H Turab, Dr Shehla Javaid Akram and former LCCI Senior Vice President Ejaz A Mumtaz were the prominent speakers. Issues came under discussion included: Why Corporate Governance Matters to SMEs, Governance of Family Owned Enterprises and Role of Women Entrepreneurs. There was a consensus among the speakers that the businesses need strive for implementation of sound corporate governance practices to improve performance individually and boost investors confidence in a bid to improve the economy that has been facing multiple internal and external challenges. They said corporate governance is also essential in ensuring transparency, strong and balanced economic development as well as in minimizing wastages. Corporate governance leads to a good flow of capital as well as minimizes corruption, risks and mismanagement besides lowering capital costs. It is imperative in a growing economy like ours to boost investors confidence and good corporate governance leads to greater confidence. The companies that have good corporate governance structures always perform better than those that have weak governance structures. Every organisation should have structures that ensure safe growth and business failures were largely due to poor corporate governance structures. Speaking on the occasion, LCCI President Farooq Iftikhar stressed the need for some modification in global corporate governance model saying that it could not be same for all countries as ground realities and economic conditions are different in different countries. He said that the International Finance Corporation should prepare case studies for proper implementation of Corporate Governance in Pakistan. He said like any developing economy, Pakistan also houses a large number of SMEs which not only employee major segment of workforce but also contribute to a great deal in GDP. The LCCI Vice President Mian Abuzar Shad urged the women to take part in business activities as this would not only increase their exposure but would also empower them in many ways. He said that the LCCI appreciates the initiative taken by International Finance Corporation with an objective to raise awareness of good governance in SMEs and family-owned businesses in Pakistan. The Convener LCCI Standing Committee on Corporate Governance Altaf H Turab said that good Corporate Governance has emerged as a set of dynamic principles inevitable for developing an evil-free environment both vertically and horizontally for business proliferation.

He said an ultimate objective of good corporate governance is to ensure an efficient management to safeguard the resources and minimize the risks for shareholders. By establishing good governance practices, institutions are able to reduce conflicts, motivate employees to perform at higher levels and strengthen accountability mechanism thus stimulating the countrys economic growth and ability to achieve profitability. OVERVIEW This news article was published in December 20, 2012 in Lahore. This article explains the benefits of good corporate governance. Good corporate governance depends upon the good performances in corporations. Good corporate governance is able to reduce conflicts, motivate employees, ensuring transparency, strengthen accountability, stimulates the economic growth, minimizing wastages, and achieves profitability. This article was totally focused on Corporate Governance Matters to SMEs, Governance of Family Owned Enterprises and Role of Women Entrepreneurs.

Need for fair corporate governance October 28th, 2010 IT is apropos of Abdul Jabbar Kasim`s article `Making corporate governance rating mandatory` (Economic and Business Review, Oct 25) in which the important aspects of corporate governance have been discussed. It is evident that major public and private sector organizations of Pakistan are totally neglecting the corporate governance `best practices`. This leads to not only bad management but also endanger the stakeholder`s rights. The structure of the board of corporations plays a vital role in providing directions and ensuring accountability. Therefore, common directors are considered accountable if the company encounters loss or goes bankrupt. In Pakistan, it is observed that major listed corporations have unbalanced boards of directors. The skills, qualification and experience required for the board of director is ignored. While listed corporations having private control often induct family members and relatives into the board. All these practices only protect major shareholders` stakes. Corporations are thus observed to be failing financially. The addition of one or more than one independent non-executive director to the board can make a positive difference but it must be ensured that INED has no stake in the corporation. It would enable him/her to protect the major, as well as minor, shareholders` rights. If a new corporate code is made, it must give clear instructions about the qualifications, skills and experience of non-executive directors. Transparency may be ensured and stakeholders must be given access to the information. The code must address issues pertaining labor rights and all

listed corporations must be made responsible for ensuring organizational justice, i.e. pay, promotion and other issues which create injustice with employees in organizations. Major public sector organizations of Pakistan, i.e. Wapda, Steel Mills and Pepco, have been incurring losses for the last few years. The poor of the country have to finance these institutions through taxes. It is the need of the hour to take precautionary measures to make these organizations profitable. Managing a fair and balanced board of directors is one of the solutions for addressing the problems. Accountability has been a big issue in Pakistan since its inception. Appointment on political grounds must be discouraged because it always leads to inefficiency. The Securities and Exchange Commission of Pakistan should work closer with listed corporations and ensure fair practice. QAISER MEHMOOD KHATTAK Islamabad OVERVIEW This news article was published in October 28, 2010. This article discussed that there is a need of fair corporate governance in Pakistan. There are some issues that are suffered by the corporate governance like wapda, steelmills, pepco. These issues are financial problems, neglecting best practices, unbalanced BOD, protection of shareholder rights and accountability that leads to inefficiency.

Making corporate governance rating mandatory By Abdul Jabbar Kasim October 25th, 2010 THE Securities and Exchange Commission is revising the Code of Corporate Governance for listed companies to make it more relevant to current situation and to incorporate international business best practices. Does adopting corporate governance best practices help drive longterm company performance? Or is it simply a box-checking compliance function? These are the questions that need to be addressed. Good governance promotes strong, viable and competitive corporations. Boards of directors are required to focus on adding value to company`s assets by working with management to build a successful corporation and enhance shareholder value. Corporate leaders, academics, professional bodies and corporate governance activists focus on board of directors, audit committee, executive and director`s compensation and ownership structure. In fact, the corporate governance ratings, by some institutions, focus on protection of minority shareholders, role of board, financial statement disclosure and transparency. This article suggests areas which need attention for improving governance practices in the listed companies.

A majority of the firms appear to have taken the code of corporate governance as a tick box exercise. Statement on compliance with the code, in annual reports, in some cases is testimony to this fact. Independent directors if one reads the existing code the word `Independent Director` (ID) has been used twice, whereas non-executive directors umpteen times. The present code has made no effort to highlight the important role of independent directors, and traditional practice of electing board through elections as required under Companies Ordinance 1984 is the focus. The practice with regard to competency and board composition providing a blend of executive and nonexecutive directors, by and large, is absent. Listed companies need a change in culture to make the board of directors a vibrant body. IDs bring in expertise and experience and a blend with executive directors is a win-win situation. He is a non-executive director who is free from any business or other association including those arising out of a substantial shareholding, involvement in past management or as a supplier, customer or adviser that could materially interfere with the exercise of his independent judgments. Listed companies need to evolve a new culture to add expertise from outside and talent from inside to evolve an effective throughput from the board. Directorship standards there are also a strong need to set a criterion for qualification for membership on the board and various committees. While the Companies Ordinance 1984 and the code have set criteria, yet key ingredients are missing with respect to educational qualification and relevant experience of the sector of the board they represent. Performance of corporate boards the notion that boards should be evaluated and their performance made transparent, as the captain of the ship, is gaining ground. If the company performs, board is assumed to have discharged its prime responsibility. This stand has been questioned and for the right reasons. For the board is not only responsible for a decent bottom line but a host of other things like ethical practices, good corporate behavior, gaining trust of the shareholders and discharge of social responsibilities, just to mention a few. In case of Pakistan, since a CEO is normally an executive director on the board, it would be appropriate to separate the roles. An independent chairman who has strong business acumen and personality should be the choice. Succession planning a succession planning exercise is important from a number of considerations, one being the direction in which the company likes to move based on the experience and acumen of the successor. Even markets react on such news. The revision of the code needs to focus on this area apart from monitoring such developments. Audit committee Currently, Audit Committee (AC) composition seems to be of least priority. Composition is based on board members` willingness to be named on the AC. The criteria for being finance literate neither is in the code nor followed by a majority of listed companies. In some cases, the board chairman acts as the chairman of the AC. Besides, a few firms have nonboard members on the AC. These are few examples, far away from best practices. International best practices require that AC should have a charter in place, not terms of reference. Charter provides a full circle view of the working of AC with clear line of authority and responsibility. Important areas covered under AC charter include qualification of the directors, their term, membership on other boards etc. This area needs focus as AC is an important arm of the board to oversee the fairness of financial statement, disclosure requirement and internal accounting standards. Governance rating one mechanism through which best business practices are evaluated is the

corporate governance rating. Although not mandatory as yet, listing regulations may require so. A good beginning can be to make Corporate Governance Rating mandatory for companies that reach a threshold balance sheet footing. OVERVIEW This article was written by Abdul Jabbar Kasim in October 25th, 2010. This article discussed the needs to improve the corporate governance practices in the listed companies. They should revise the codes, added the value by BOD, and focuses on protection of minority shareholders, evolving culture, board roles, add expertise, and the disclosure and transparency financial statement.

SECP working group on micro insurance 2012-12-14 KARACHI, Dec 14: The Securities and Exchange Commission of Pakistan (SECP) in its efforts to augment the development of micro insurance, announced the constitution of a Working Group on Friday, a press release stated. The group would recommend the regulatory framework for micro insurance. The SECP release stated that micro insurance was rapidly growing and benefiting the low-income population of the country. The private sector-driven working group has representatives from the Insurance Association of Pakistan, Pakistan Microfinance Network, Pakistan Poverty Alleviation Fund, DFID Pakistan and other insurance industry stakeholders. The group is headed by Mr Nadeem Hussain, President, Tameer Microfinance Bank Limited. The SECP note stated that natural catastrophes, particularly the monsoonal rains and floods had caused destruction across Asia and in Pakistan. In 2012, the damage to agricultural land and infrastructure in the country due to floods was estimated at Rs250 billion which posed a challenge for the government and insurance industry. The SECP stated that it was working proactively with the stakeholders to promote micro insurance through various policy reforms and supporting various initiatives. A recently released diagnostic report by the SECP also provides insight into the demand and supply of micro insurance in the country, the SECP stated. During the introductory meeting held on Friday at the SECP office in Karachi, Mr Nadeem Hussain appreciated the groundwork done by the regulator and looked forward to the support of members in achieving twofold objectives of the working group. Those included

providing recommendations on the draft prudential regulatory framework and devising the strategy for micro insurance development. Mr Tahir Ahmed, chairman, Insurance Association of Pakistan, said that development of infrastructure and rightly designed products were crucial for success of micro insurance in the country. OVERVIEW This news article was published in December 14, 2012 in Karachi. This article discussed the work done by the SECP for developing the micro insurance. Micro insurance give benefits to low class income population. In case of floods or natural disaster the agriculture and infrastructure totally depend upon the insurance industries and government.

SECP protecting brokerage houses 2013-07-10 ISLAMABAD, July 10: The Securities and Exchange Policy Board on Wednesday informed the Supreme Court of Pakistan that the Securities and Exchange Commission of Pakistan (SECP) had been supporting certain brokerage houses like the AKD Securities which were involved in market manipulation. The policy board in its report submitted to the apex court also pointed out that the AKD Brokerage House was excluded from the main offence of market manipulation on the basis of external legal opinions. In the second case of SSGC and SNGPL the preliminary report into market malpractices was set aside and investigation was initiated only two years later after the issue having being taken up by the NAB, the Policy Board report said, adding this is indicative of undue influence of the main market players in the Commission. The report approved by Secretary Finance Dr Waqar Masood, who is also the chairman of the Securities and Exchange Policy Board, had been formulated in connection with a case in the apex court, where the complainants challenged the appointment of former SECP chairman Muhammad Ali. While the apex court had ruled the appointment of Mr Ali illegal and improper and removed him from the post and directed the Securities and Exchange Policy Board to conduct an inquiry into the affairs of SECP. The report, which has been formulated by Additional Secretary Commerce Ministry Fazal Abbas, Senior Joint Secretary Law Ministry Sohail Qadeer Siddiqui and Secretary SECP Bushra Alam, highlights that the external counsels hired by the SECP were mainly responsible for misguiding the

Commission. The report also said, It was learnt that at times the external counsels are appointed beyond the list of panel of lawyers approved and maintained by the SECP. It highlighted the case of Chenab Limited which was referred to an external counsel who had conflict of interest as he had also remained the counsel for one of the accused parties.It was also quite discernible from these cases that the practice of referring cases to external counsels at times used as a pretext to get desired opinions, the report noted. Incidentally the main accused in both the cases was the AKD Securities. It has been said that SECP has its own litigation, legislation and General Counsel Department comprising of more than 20 officers, but quite frequently the legal opinion is sought from external counsels, who are paid substantial amount too. The report has also criticized the composition of the Securities and Exchange Policy Board, and it has been highlighted that one of the functions of the policy board is to oversee the performance of the commission to the extent that the purpose of this act are achieved. The report said that there was need to induct private sector members in the policy board.The policy board consists of nine members of which five are from public sector, during the past 13 years the position of four private sector members have largely remained vacant.Apart from the secretary finance the chairman, other members of policy board are secretary law, secretary commerce, chairman SECP and the deputy governor State Bank. The court hinted during the proceeding that it may refer the matter to NAB. OVERVIEW This news article was published in July 10, 2012 in Islamabad. This article was issued when SECP supporting the brokerage houses like the AKD securities and the report was submitted for this. This report was criticized by the security and exchange policy board.

Case against SECP officials 2013-08-04 ISLAMABAD: Additional district and sessions judge Raja Khurram Ali Khan on Saturday ordered police to register a case against acting chairman of the Securities and Exchange Commission of Pakistan (SECP) Tahir Mehmood, its commissioner Tahir

Abdullah and its director for human resources Abid Hussain on a petition filed by one of its deputy directors. The petitioner, Rana Mustafa Yousaf, had challenged the appointment of acting chairman of SECP in the Sindh High Court. In another petition filed before the sessions court, Mr Yousaf contended that he had been illegally restrained from entering the SECP premises by senior officials and that he was not being allowed to perform his duties. Petitioners counsel Chaudhry Sohail Akbar told the court that Mr Yousafs act of challenging the acting chairmans appointment had made the chairman furious and that he was victimising the petitioner. He said that despite the SHC directions for not taking any adverse action against the petitioner his entry into the office had been blocked by the acting chairman and the director for human resources. The counsel said Mr Yousaf had filed a complaint in the Kohsar police station, but police were reluctant to take action against senior SECP officials. He had requested the court to issue directives for registration of a case against the SECP acting chairman and the director for human resources. OVERVIEW This news article was published in August 4, 2013 in Islamabad. This article was published when district and session judges give complaint in the court against the chairman of SECP. They say that chairman of SECP was illegally entered in the SECP premises. Firstly they filed a complaint in kohsar police office when they are not agreed to file then case issued in a court.

Tuesday, September 10, 2013 SECP revising NBF sector regulatory framework

ISLAMABAD: Keeping in view the inherent risks in the present composition of the financial sector, the Securities and Exchange Commission of Pakistan (SECP) is in the process of revising the non-bank financial (NBF) sector to reform the entire financial sector. Imtiaz Haider the SECP Commissioner for Specialized Companies Division has said the roadmap was rolled out in the form of a report in March 2013. In the report the SECP suggested to develop an alternative financial system by way of promoting NBF sector to diversify the inherent systemic risk and provide different asset classes to promote savings as well as meet the specific needs of participants. Other recommendations included some macro-level suggestions regarding taxation regime, encouraging long-term savings and channeling these savings to under-served segments.

Haider said a good number of marketing professionals, industry participants and financial institutions provided comments on the report. Moreover, some new ideas were also received. The SECP has analyzed the feedback given by the public on the suggested reforms. The proposed way forward can be categorized into two parts. The first part requires longer time periods for implementation as it requires the consent of different stakeholders such as State Bank of Pakistan, Ministry of Finance and Federal Board of Revenue etc as well as amendments to various statutes. Prior to considering the implementation of this part, the SECP will consider State Banks feedback on the way forward suggested in the report. The second part can be implemented in the short run, as it requires changes to the existing regulatory framework without the involvement of any external stakeholder. The SECP has initiated the process and the requisite amended framework would be implemented during this calendar year after completing the public consultation process. OVERVIEW This news article was published in September 10, 2013 in Islamabad. This article was published when SECP is revising the NBF for improving the efficiency of whole financial sector. SECP divide the work into two parts, first part can be implemented in long run and second part can implemented in short run.

June 20, 2013 Corporate governance and public sector THIS is apropos the advertisement (June 11) by the finance division, government of Pakistan, inviting dynamic and qualified professional for the positions of managing director/president/CEO for House Building Finance Corporation Ltd, National Investment Trust Ltd, First Women Bank Ltd and SME Bank Ltd. The advertisement also mentions for each position the qualification and experience required. On March 8, the government of Pakistan issued Public Sector Companies (Corporate Governance) Rules 2013 and these come into effect from July 8 2013. The public-sector company has been defined in Rule 2(g), and all the above-mentioned companies fall within the ambit of this definition. Rule 5(2) states: The Board shall evaluate the candidates based on the fit and proper criteria and the guidelines specified by the Commission for appointment to the position of the chief executive, and recommend at least three individuals to the government for appointment as chief executive of the Public Sector Company.

On receiving concurrence of the government, the Board shall appoint the chief executive in accordance with the provisions of the Ordinance. The Board shall also be responsible for development and succession planning of the chief executive. The question, therefore, is: should the finance division, government of Pakistan, initiate and oversee the search for managing director/president/CEO of the abovementioned companies or should the respective boards take charge and oversee the process as envisaged in the said rules? Invariably direct approach such as this is likely to impact the working of the board and also compromise the principles of good governance. What perhaps the government needs to concentrate on is appropriate composition of the boards of these companies as envisaged in Rule 3(1), which states: The Board shall consist of executive and non-executive directors, including independent directors, and those representing minority interests with the requisite range of skills, competence, knowledge, experience and approach so that the Board as a group includes core competencies and diversity considered relevant in the context of the public sector companys operations. It is also stated in Rule 3(2) that the Board shall have forty per cent of its total members as independent directors within the first two years of this notification, which shall be raised to a majority of independent directors in the next two years, and the majority shall be maintained subsequently. OVERVIEW This article was published in 20 June 2013.this article discussed the corporate governance and public sectors. The finance division and government give the advertisements for qualified and skilled directors, CEOs, president for the corporate and public sectors. Corporate governance and public sectors need qualified professionals and government need concentrate on the board (executives and non-executives directors).

March 20, 2006

Improving corporate governance

CORPORATE governance is about promoting corporate fairness, transparency and accountability. It is the system by which companies are directed and controlled. In Pakistan, the code of corporate governance was introduced by the Securities and Exchange Commission (SECP) in mid-2002. In the initial stages this code only applies to listed companies and is enforced through the stock exchanges as a requirement for listing. The idea is that if a company wants to access capital from the market, it needs to have sound governance practices in place, which have to be transparent and need to be disclosed. This disclosure, in turn, provides one of the many necessary tools to an investor to make an informed decision on whether to invest in a particular company or not.

It is widely thought that after the passage of more than three years, the Code is being followed by companies more in letter than in spirit. However, it is also believed that over a period of time, as more and more companies begin to understand the benefits of implementing good governance practices, both external and internal factors will demand that they inculcate these practices in their company operations. Not only does good governance provide companies with better access to finance, it also improves internal efficiencies by improving the decision-making process, streamlining operations, enhancing reputations. All this, in turn means better performance and improved profitability. The World Bank and the International Finance Corporation (IFC) recently undertook a study on Pakistans corporate governance framework to assess how it compares to similar frameworks in other emerging economies. Not surprisingly, the country has fared favorably well over other countries. The study concludes that although there are several areas, especially in the state- owned sectors, which require improvement, much has been achieved in improving corporate governance in the country over the past few years. It recommends that the reform process should continue and more awareness amongst the various stakeholders needs to be created. The recently established Pakistan Institute of Corporate Governance will assume this role. At a recent roundtable event held in Karachi to disseminate the findings of the study (Report on Observance of Standards and Codes (ROSC), the IFC unveiled its program to assist in improving corporate governance practices. The IFC strategy was outlined by the manager of this project, Kaiser Naseem. Through the incorporation of good governance, companies will be able to attract much needed investment, improve the way they do business and address the needs and demands of various stakeholders. And through its corporate governance project, the IFC will work directly with private companies and financial institutions, regulatory bodies like the SECP and State Bank and educational institutions. But the main focus of IFC will be to assist in building the capacity of the Pakistan Institute of Corporate Governance (PICG) through transfer of technology and know-how in corporate governance. The IFC corporate governance project will focus on the following areas: * Helping the Institute of Corporate Governance to set up training and certificate programs on corporate governance for company directors, managers, and secretaries; * Helping the institute to build a capacity for research and development to conduct surveys, issue publications, and produce best practice manuals and guidelines; * Developing and provide consulting and advisory services on corporate governance to Pakistans banks and corporations; * Providing policy advice to the government on legal and regulatory reforms relating to corporate governance to ensure that any regulation that is enforced is in line with market needs and that is well understood by the corporate sector.

Good corporate governance makes good business sense. It is hoped that the larger, listed companies will take the lead and provide the much needed leadership role so that other smaller, family-owned operated companies could follow suit.

OVERVIEW This article was published in 20 March 2006. This article discussed that how to improve the system of corporate governance. A corporation should be fair, accountable and responsible. In Pakistan codes are directed and controlled by SECP to improve the efficiency of corporate governance.

Code of Corporate Governance a must for the protection of minority shareholders: SECP Friday, 14 June 2013 KARACHI: The Code of Corporate Governance is a must for the protection of minority shareholders, said Asif Arif, the SECP Commissioner. He was speaking to the awareness session held in collaboration with the ICAP and was attended by around 200 members of ICAP. While advocating the true implementation of new code he said Governance standards are dynamic and changing with the development of constantly evolving corporate sector and financial markets. This calls for a constant review of governance framework to keep pace with globally set benchmarks. This awareness session is a part of the SECPs efforts to raise corporate governance standards in Pakistan and to protect the interest of minority shareholders. Apart from creating awareness, these sessions would help listed companies to ensure compliance with the provisions which have become effective and at the same time prepare and take measures for timely implementation of the provisions which will become effective at the time of next board election. It is expected that these sessions would not only lead to successful implementation of the Code but also improve the growth of corporate sector by promoting governance regime which strengthens the rights of all stakeholders. Last summer, the SECP launched a comprehensive three-year awareness program which is part of its wider goal towards protecting investors more adequately, spreading awareness and literacy across Pakistan for the betterment of not only individuals but the economy as a whole and for building and sustaining an adequate compliance culture in the country. OVERVIEW This news article was published in June 14, 2013 in Karachi. This article explains the importance of rights of the minority shareholders, that the code of corporate governance

protects minority rights. SECP spread the awareness for protecting the investors and interest of minorities and this is effective for the corporate sectors.

Code of Corporate Governance, 2012 launched Tuesday, 10 April 2012 Posted by Shoaib-ur-Rehman Siddiqui KARACHI: Federal Minister for Finance Dr. Abdul Hafeez Shaikh launched the Code of Corporate Governance, 2012 at a formal ceremony organised by the Securities and Exchange Commission of Pakistan (SECP), here Tuesday. The launch ceremony was held in collaboration with the Center for International Private Enterprise (CIPE), which has been supportive of SECP's initiative throughout the process of revising the Code. The launch ceremony was attended by a large number of participants from various segments of corporate sector including prominent market associations, corporates, capital market institutions and commercial and investment banks, non-bank finance companies, lawyers, regulators, auditors, institutions and media. The Code sets a minimum benchmark in terms of governance standards, brings consistency in the corporate practices and promotes transparency through enhanced disclosure requirements. The Code will result in availability of enhanced information to markets' participants and hence will provide better protection of the rights of all investors, particularly minority shareholders. Governance standards are dynamic and changing with the development of constantly evolving corporate sector and financial markets. This calls for a constant review of governance framework to keep pace with globally set benchmarks. In an endeavor to align our governance regime with enhanced requirements of present times and global best practices, the SECP mandated the Institute of Corporate Governance to initiate work on review of the Code. The SECP, while finalising the Code, conducted a thorough consultative process which included holding of three roundtables, a number of bilateral meetings with stakeholders, written and verbal comments and suggestions received from a wide range of stakeholders. While finalising the Code, due consideration was given to all the suggestions received, keeping in the view the global developments in corporate governance and the overall objective of raising the standards of corporate governance in the country. The Code, 2012 requires at least one independent director while preference is for 1/3rd of the total members of the board to be independent directors. Criteria for assessment of independence have been substantially expanded.

Maximum number of executive directors has been decreased from 75% to 1/3rd of elected directors including CEO while the number of directorships has been decreased from 10 to 7 that a director can hold at the same time. In the new Code requirement of board evaluation has been introduced while office of the Chairman and CEO has been separated. The Chairman shall now be elected from amongst the non-executive directors of a listed company. OVERVIEW This news article was published in April 10, 2012 in Karachi. This article was published when code of corporate governance was launched at organized ceremony of SECP in CIPE. These codes promote the transparency and enhance the disclosure and provide the better protection to investors and minority shareholders.

The Karachi Stock Exchange Limiteds suspension of trading

By PPI News Agency Karachi, October 24, 2013 (PPI-OT): This is in continuation of our Notice No.KSE/N-4594 dated August 27, 2013 in respect of suspension of trading in the shares of following companies: 1. Al-Mal Securities and Services Limited 2. Investec Securities Limited 3. First Investec Modaraba 4. Usman Textile Mills Limited Since the above companies have not so far removed the cause of suspension of trading in their shares, the Management of The Karachi Stock Exchange Limited (KSE) in the interest of trade and public and in exercise of the powers vested under Listing Regulation No. 5(2)(iii) read with Section 9(7) of the Securities and Exchange Ordinance, 1969 has decided that trading in the shares of these companies shall remain suspended for a further period of 60 days w.e.f. October 27, 2013.

OVERVIEW This news article was published in October 24, 2013 in Karachi. This news article tells that the Karachi stock exchange traded their shares in 27th august for the four different companies, i.e: 1. Al-Mal Securities and Services Limited, 2. Investec Securities Limited, 3. First Investec Modaraba, 4. Usman Textile Mills Limited

National Bank of Pakistans board meeting

By PPI News Agency

Karachi, August 07, 2013 (PPI-OT): We have to inform you that the meeting of the Board of Directors of National Bank of Pakistan (NBP) will be held on Thursday the August 22, 2013 at 10:30 A.M. in the Board Room of National Bank of Pakistan, Head Office Building, 2nd Floor, I.I. Chundrigar Road, Karachi, to consider the Half Yearly Accounts of the Bank for the period ended 30-06-2013, along with other agenda items.

In terms of clause (xxiii) of the Code of Corporate Governance, the closed period shall be August 15, 2013 to August 22, 2013 (both days inclusive), during which period no director, CEO (President) or Executive of the Bank shall, directly or indirectly, deal in the shares of NBP, in any manner.

OVERVIEW This news article was published in August 7, 2013 in Karachi. this news inform us about the NBP board of directors meeting that is held in 22 august. Agenda of meeting is to discussed the half yearly accounts of National bank of Pakistan.

Attock Refinery Limiteds board meeting By PPI News Agency Karachi, August 01, 2013 (PPI-OT): This is to inform you that the meeting of the Board of Directors of Attock Refinery Limited (ATRL) will be held on Wednesday, 14th August, 2013 at 12:00 noon at POL Houses Morgah, Rawalpindi to consider and approve the annual audited accounts for the year ended 30th June, 2013. The Company has declared the Closed Period from 2nd August, 2013 to 15th August, 2013 (both days inclusive) as required under clause (xxiii) of the Code of Corporate Governance contained in the Listing Regulation No. 35 of the Stock Exchanges. Accordingly, no Director, CEO or Executive shall, directly/ indirectly, deal in the shares of the Company in any manner dining the Closed Period.

OVERVIEW This news article was published in August 01, 2013 in Karachi. This news article announced the date of meeting in ATRL. The purpose of this board of directors meeting was held to approves the audited accounts at the end of year and company was declared the closed period for this meeting.

Tuesday, 19 Feb 2013 Attock Cement to trade CERs at ICTE after UNFCCC registration KARACHI - The Attock Cement Pakistan Limited (ACPL) would be trading the Carbon Emission Reductions (CERs) in the International Carbon Trade Exchange (ICTE). The ACPL, one of countrys leading cement manufacturing and exporting firms, would be able to trade thousands of CERs in the ICTE annually. According to company sources, the ACPL has got its Waste Heat Recovery System (WHRS) project registered with the United Nations Framework Convention on Climate Change (UNFCCC) for the qualification of CERs. With this registration the cement giant is expecting from the the WHRS project CERs approximately 35,000 per annum. The company has also shared this material information with its shareholders at the Karachi Stocks Exchange Monday. These CERs are tradable in the International Carbon Trade Exchange, Company Secretary Irfan Amanullah told the front regulators at KSE. The listed firms are bound under Clause (xx) of the Listing Regulation No 35 under the Code of Corporate Governance to share any material information with its stakeholders on the countrys equity market that could impact, in a positive or negative way, the price of its shares. OVERVIEW This news article was published in Feb 19, 2013 in Karachi. This news article was published when ACPL traded the CERs in the ICTE. The ACPL Company shared their information with Karachi stock exchange (KSE), some listed companies are bound to share their informations with its stakeholders.

Sat, Oct 19, 2013 ISLAMABAD: The International Monetary Fund (IMF) on Thursday agreed to provide Pakistan with a bailout loan package of $5.3 billion for the next three years under the Extended Fund Facility (EFF). The deal has a condition that the Council of Common Interests (CCI) will ensure economic discipline by provincial governments to generate the surplus of Rs23 billion to meet the overall budget deficit in 2013-14. The CCI is to also ensure that the provinces maintain the balance with the State Bank of Pakistan.

However, Pakistan has requested the bank to extend a loan of $7.3 billion to stabilise its ailing economy.The agreement reached in Islamabad with an IMF team will be presented to the board of executive directors of the IMF in the first week of October for final approval. Finance Minister Ishaq Dar announced this here in a press briefing after the conclusion of the Pakistan-IMF talks.Along with chief of the visiting IMF Mission Jeffery Franks, Dar said Pakistan had requested the IMF management to increase the present level of access of 348% of the quota (5.3 billion) to 500% of quota ($7.3 billion) together with an appropriate front loading to match Pakistans obligations towards the Fund under the previous programme. The prior actions would also include the phasing out of the tariff deferential subsidy in the next three years so that the poorest of the poor (lifeline consumers) are not affected. The modus operandi in the energy policy that the prime minister is going to announce soon will be unveiled, said Dar. He explained that the government had allocated subsidy for power sector in the Budget 2013-14 meaning that it would not be phased out in one go.We are going to increase power generation based on low cost fuel in the energy mix which currently stands at 25 percent at low cost fuel and 75 percent at high cost fuel. We have carved out a plan to reverse this current electricity generation mix with focus on establishing power plants based on coal, biomass, bagasse and wind. He said the Ecnec had approved power project of 3511 MW, including two nuclear power plants, to generate 1100 MW at coastal areas of Karachi, 969 MW Neelum- Jhelum hydropower project and 425 MW Nandipur projects with combined cycles of gas and residual fuel oil. Jeffery Franks said the loan of $5.3 billion will only be extended to Pakistan once the IMF board of executive directors accorded approval. He said the government had vowed in budget documents to bring down deficit from nine percent to near six percent which was a well-directed step. He said the mission and the authorities had agreed on the need for a sustained improvement in tax collection as well as a significant widening of tax bases and more equitably shared tax burden, including through a phase-out of all existing statuary regulatory orders (SROs) and other measures which grant special rates and tax exemptions. On the expenditure side, Franks said untargeted subsidies that disproportionately benefit the well-off will be phased out while fully protecting the most vulnerable members of society through targeted assistance. He said the authorities programmes includes a comprehensive strategy for tackling the countrys loan standing energy problems through measures to address circular debt accumulated in the sector, tariff rationalisation and promotion of investment for energy generation and

modernisation.He said such steps would help mitigate the hardships of loadshedding, improve fiscal balance and help boost growth. To a question, the minister said: We are not holding the begging bowl. Since the country is on the verge of default because of irrational economic policies of the previous regime, so the government has decided to seek another IMF loan programme, which would be utilized to retire the remaining instalment of the previous loan of $8.5 billion. He, however, said the new loan would not increase the net loan volume of the country. To a question, Dar said he was not borrowing more loan programme to drink. Pakistan will have to pay $3 billion to the IMF in next year.The country had accumulated public debt of Rs3 trillion in 52 years up to Oct. 1999 but in the last five years it has jacked up to Rs14.5 trillion. However, in last financial year debt of Rs2 trillion increased. Dar said he had erased the circular debt of Rs322 billion in one go and the IMF had appreciated it saying this was the major step towards the right direction. Mentioning agriculture income tax, he said it was the provincial subject and does no come under his domain. Dispelling the impression of not taxing the elite class, Dar said he had increased tax on the high income group. Dar said he had also imposed the income support levy on the rich to support the income support programme to provide solace to the poorest of the poor. On the issue of withdrawal of tax exemption through the SROs, the finance minister said illegal SROs will be done away with, but tax exemptions given to charity institutions like the cancer hospital of Imran Kan and other charity institutions in health and education sectors would continue. He said the bleeding Public Sector Entities (PSEs) like the PIA and Pakistan Railways would be restructured first and corporatized and then some operations would be sold out and privatised. Dar said the programme was aimed at stabilising economy and creating an enabling environment for revival of growth. Fiscal consolidation, containing inflation, resolution of energy crisis including settlement of circular debt, promotion of social safety nets, strengthening financial sector, improving business climate, promoting foreign investment, restructuring public sector corporations, revival of privatization programme, strengthening of corporate governance and building foreign exchange reserves with exchange rate stability are the major objectives of the PML-N government under the leadership of Prime Minister Muhammad Nawaz Sharif which converges with the programme finalised with the IMF.Dar said the new loans will not increase debt burden but only pay off the old loans and save the country from default. OVERVIEW This news article was published in October 19, 2013 in Islamabad. This article was published when IMF gave the loan for the next 3 years. Purpose of taking a loan is to correct the economic conditions of Pakistan and reduced the deficits. When Pakistan request bank to extend loans, the quota on that loan will also are extended. Exemption of taxes incurred and gave charity to needy institutions.

Friday, 7 Jun 2013 Revised Code of Corporate Governance 2012: Awareness session with SECP on June 11 at ICAP KARACHI - The awareness session on Revised Code of Corporate Governance is scheduled for June11 from 2pm to 5pm at the ICAP. Imtiaz Haider, Commissioner SECP, would be the chief guest and Ahmed Saeed, President ICAP, Abdul Rahim Suriya, Chairman CPD, Amar Naseer FCA Legal Director & Company Secretary Unilever Pakistan on Code of Corporate Governance, Ebrahim Sidat FCA, Past President ICAP and Adnan Mufti CPD Convener Southern Regional Committee ICAP would be participating. In order to respond to the concerns and enable better understanding of the revised Code of Corporate Governance 2012, SECP had conducted awareness sessions at all three stock exchanges targeted towards CEOs, CFOs, company secretaries and internal auditors of the listed companies. Owing to the robust membership and the fact that ICAP members are actively involved in implementing revised code in their roles as CFOs, company secretaries, internal auditors, external auditors, board members and CEOS, SECP is now planning to conduct awareness sessions at ICAP Karachi. OVERVIEW This news article was published in June 7, 2013 in Karachi. This article was published when codes of corporate governance are revised. Awareness session was conducted by SECP at three stock exchanges that are targeted towards CEOs. ICAP members revised the codes.

Wednesday, 18 Sep 2013

SECP issues 73 show-cause notices to various companies Karachi - With an aim to safeguard the investors interest in both listed and unlisted corporate sector, the Enforcement Department of the SECP in July and August initiated 73 show-cause proceedings against chief executives, directors and auditors of different companies. The regulator moved in view of the breaches of statutory requirements related to takeover regulations, issuance of auditors reports, powers of directors, holding and proceedings of annual

general meeting, direction to hold over-due annual general meetings, investment in associated companies and undertakings, reporting of facts, employees provident funds, circulation of financial statements, disclosure of directors interests, treatment of surplus on revaluation of fixed assets, and security deposits. The department concluded 66 proceedings against chief executives, directors and auditors of companies either by penalizing them or by issuance of warning to the identified defaulters, depending on the nature and impact of default. In addition, the department also initiated inspection into the affairs of two companies. Addressing the grievances of investors, the department resolved 29 complaints pertaining to non-issuance of shares, non-verification of transfer deeds, and non-payment of dividends. In addition, the SECP during the months granted exemption to five companies from the requirements of filing of consolidated financial statements, as available under the law. A listed company was allowed to change its financial year to coincide with the year-end of its financial statements with that of its parent company. An application for registration as a group was also approved. OVERVIEW This news article was published in Wednesday 18, 2013 in Karachi. This article discussed the 73 cause against directors, auditors and chief executive that are issued by the enforcement department of SECP. Department conclude the 66 proceedings that identified the defaulters. 29 complaints are resolved by the department.

Govt to promote corporate governance in PSEs: Shaikh Friday, April 13, 2012 ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Shaikh on Thursday said that the government is determined to enhancing the efficiency of the public sector enterprises (PSEs) by restructuring their boards and appointing professional heads of these organizations mostly from the private sector in order to make the entities profitable institutions. Addressing a roundtable conference on the Code of corporate governance for the public sector enterprises, which was jointly organised by the Securities and Exchange Commission of Pakistan (SECP), Pakistan Institute of Corporate Governance and Economic Reforms Unit of the Ministry of Finance, he said that the launch of the code of corporate governance for the public sector enterprises will help develop the capacity of these organizations and bring them at par with the international standards and make them competitive. In fact, it was a good effort for restoring the confidence of international institutions on our organizations by adopting the best practices to restructure these enterprises, he said.

The government is inducting well-reputed professionals in the boards of the public sector organizations in different phases, he said, adding that reform process was introduced in the power sector. The minister said that the board of power producing and distributing companies is restructured and best professionals are being hired involving the members of the chambers of commerce and Pakistan Business Council, he said. Shaikh said that as the continuity of the process the new managing director of Pakistan International Airlines (PIA) was appointed and new managing director of Pakistan Steel Mills would be appointed within the next couple of days. The minister said that involvement of the private sector in economic development is vital and it is also striving to initiate mega projects with the public-private partnership for infrastructure development and power production from the Thar coal. Khakan Najeeb, Director General, Economic Reforms Unit of the Ministry of Finance, said that the government has successfully introduced the power sector reforms during the last two years. The restructure plan for the boards of PIA and PSM was also developed to turn these organizations into profitable entities, he said. Chairman, Task Force of Corporate Governance, Asad Ali Shah, highlighted the steps taken by the government for promotion of the corporate governance in the country. He said various PSEs, including Pakistan Steel Mills, Pakistan Railways and PIA are suffering losses worth Rs300 billion to Rs400 billion per annum. By introducing good corporate governance and appointing independent, efficient and honest chief executive officers (CEOs) and board of directors by applying fit and proper criteria for the boards and appointments, the efficiency of the entities can be improved, he said. SECP Chairman Muhammad Ali said that the commission has drafted the Public Sector Companies (Corporate Governance) Regulations, 2012, which would be presented to the government for its approval after getting inputs from various stakeholders for the development of the PSEs in the country. Our correspondent adds: Institutionalisation of Public Sector Enterprises (PSEs) will improve monitoring of these entities, implementation of policies, and will attract local and foreign investment in these units, this was the crux of discussion on the restructuring of the PSE. The Securities and Exchange of Commission of Pakistan (SECP), the Economic Reforms Unit of the Ministry of Finance, and the Center for International Private Enterprise (CIPE) and the Pakistan Institute of Corporate Governance (PICG) had invited economic experts and the representatives of PSE to discuss Code of Corporate Governance for Public Sector Enterprises. SECP is finalising the corporate governance rules for the PSEs, but these do not seem to be applicable on some state run entities, as some of these companies have legal protection against complete implementation of the Companies Ordinance, some are companies but the role of line ministry is too strong in their affairs whereas some like railways and the NHA do not even have any company status. The State Bank of Pakistan former governor Dr Shamshad Akhtar said that public entities should be brought under strong regulations to resolve the problems of mismanagement and operational flaws. Fawad Hashmi the head of PICG said: There are 114 PSEs under federal government and we are focusing to improve their corporate governance. We would also engage provinces, because they also hold a number of PSEs.

OVERVIEW This news article was published in April 13, 2012 in Islamabad. This article was issued when conference were called on the code of corporate governance from the public sector enterprises. Government wants to enhance the public sector enterprises for increasing the efficiency. It will help to corporate sector for making the profitable institutions.

September 18, 2013 Effective corporate governance is bridge between owners, stakeholders KARACHI: Corporate governance offers a practical solution to the challenge of a good relationship between owners and other stakeholders, which becomes more complex when a business expands. The corporate governance system puts in place the policies and procedures to manage effective organizational setup that defines roles and responsibilities. This was stated by Pakistan Institute of Corporate Governance (PICG) President and CEO Fuad A Hashimi at the conference on Corporate Governance Implications for Companies with Concentrated Ownership held Tuesday and organized by PICG in collaboration with the Association of Chartered Certified Accountants (ACCA) Pakistan and Centre for International Private Enterprise (CIPE) Pakistan. The conference was sponsored by Pakistan Petroleum Limited and co-sponsored by Tri-Pack Films Limited, Allied Bank Limited and Engro Corporation. It may be mentioned here that concentrated ownership of listed companies is a reality in most Asian economies. This ownership structure presents both opportunities as well as risks. The objective of this conference was to discuss whether the ownership structure of companies should influence the board of directors in carrying out its duties and responsibilities, and its impact on the management and long-term performance of these companies. Hashmi said the effective governance in the corporate sector leads to transparency and investors confidence paving the way towards increase in profitability, revenues growth and business expansion with a greater role in the economy. The corporate governance process seeks that the business and management of corporate entities are carried on with the highest standards of ethics and efficacy to promote the interests of all corporate stakeholders, he said. OVERVIEW This news article was published in September 18, 2013 in Karachi. This article provides the solution of relationship between stakeholders and owners. More the business expand more the relationship will complex between them. Corporate governance imposed the duties and responsibilities for generating profitable results.

Good corporate governance key for economic revival Friday, December 21, 2012

LAHORE: Good corporate governance, being a key driver for business performance, is not just an essential but a necessary ingredient for the countrys economic revival, stated the participants at a corporate governance workshop for small and medium enterprises (SMEs) organised by the Lahore Chamber of Commerce and Industry (LCCI) in collaboration with the International Finance Corporation (IFC) on Thursday. According to them, good governance is a major tool when it comes to attracting foreign investors. There was a consensus among speakers that businesses need to strive for implementation of sound corporate governance practices to improve individual performances and boost investors confidence to improve the economy, which has been facing multiple internal and external challenges. They said that corporate governance is also essential in ensuring transparency and balanced economic development as well as in minimizing wastages. Speaking on the occasion, LCCI President Farooq Iftikhar stressed the need for some modification in global corporate governance model saying that it could not be same for all countries as ground realities and economic conditions are different in different countries. He added that the IFC should prepare case studies for proper implementation of corporate governance in Pakistan. OVERVIEW This news article was published in December 21, 2012 in Lahore. This article explains the importance of good corporate governance. Good corporate governance is the cause of economic growth in a country. Good governance attracts the investors, accept challenges, balanced the economic development, minimize wastage, and ensure the transparency.

Awareness session on code of corporate governance Friday, October 05, 2012

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday conducted an awareness session on Code of Corporate Governance, 2012 at Karachi Stock Exchange (KSE), a news statement issued here said. The awareness session was held in collaboration with the KSE and was attended by CEOs, CFOs, company secretaries and internal auditors of companies listed at the KSE. The session opened with a presentation by the SECP highlighting the revised code and implementation schedule followed by a presentation by the KSE on compliance and enforcement of the code. It ended with a question and answer session. The code was launched and implemented as part of the listing regulations of the stock exchanges in April. It was finalised after extensive stakeholder consultation by the Pakistan Institute of Corporate Governance Task Force and the SECP. However, this consultation and coverage was more at a policy level. Since the implementation of the code the SECP has been receiving numerous queries primarily of operational nature.

OVERVIEW This news article was published in October 05, 2012 in Islamabad. SECP conducted the awareness session at Karachi stock exchanges (SECP). This awareness session was attended by the CEOs, CFOs, internal auditors and secretaries. Codes are revised and implemented by SECP.

June 4, 2013 SBP simplifies expansion procedures for money exchangers The State Bank of Pakistan on Monday amended its rules regulating the expansion of the exchange firms. The new regulations notified by the regulator via a circular are aimed at simplifying the procedure of network expansion of the exchange companies and to consolidate existing instructions on network expansion. The following policy is hereby circulated for meticulous compliance, said the SBP circular. 1. Annual Network Expansion Plan (ANEP): An Exchange Company (EC) desirous of opening new branches, franchises, payment booths and currency exchange booths shall submit an Annual Network Expansion Plan (ANEP) duly approved by its Board of Directors by 30th September of each year for the next calendar year (Jan-Dec) on prescribed format. In-principle approval to ANEP for the next calendar year shall be granted by the Exchange Policy Department keeping in view the compliance status and inspection rating of the exchange company. In principle approval granted under ANEP shall be valid only for one year. Financial Health, Corporate Governance, Anti Money Laundering Issues, future earnings prospects etc.

shall form the eligibility criteria for approval of ANEP. In case of non-compliant or marginally compliant exchange company, approval for network expansion may not be considered. 2. Capital Adequacy for Network Expansion: In addition to the criteria defined above, the following criteria related to capital adequacy shall be observed for network expansion: Companys Network: Branch, Franchise Payment Booth/Currency Exchange Booth = Rs. 5,000,000/- per branch, Rs. 3,000,000/- per franchise, Rs. 2,000,000/- per PB/CEB It may, however, be noted that the above criteria is only for calculation of capital adequacy of the company in relation to their entire network. Exchange Companies shall be free to assign any amount of capital to any of their outlets. 3. Temporary Currency Exchange Booths at Haji Camps: In order to facilitate Haj Pilgrims, the exchange companies may establish their own Currency Exchange Booths (CEB) at Haji Camps during Haj Season, subject to the following terms and conditions: For establishing the said booths at Haji Camps, an NOC will have to be obtained by the exchange company from Ministry of Religious Affairs prior to approaching SBP for approval. The booths will be setup temporarily during Haj season only. 4. Relocation of Outlet: Exchange companies may relocate any of their outlets during the year within city/town under intimation to the State Bank of Pakistan. However, before commencement of operations at the new location, prior approval of the State Bank shall be required for which the company shall submit the related documents. 5. Closure: Exchange companies shall be free to close any of their existing outlets without obtaining prior permission of the State Bank. Information regarding closure of the outlet should be published in a leading newspaper at the time of closure and original license/permission letter of the outlet must be surrendered to SBP within 15 days from the date of closure.

OVERVIEW This news article was published in June 4, 2013. The SBP changed their rules and policies for regulating the expansion of companies and firms. Policies which are included: ANEP, capital adequacy for network expansion, Temporary Currency Exchange Booths at Haji Camps, relocation of outlet and closure.

Corporate governance: government decides to introduce revised code in PSEs: SECP chief December 04, 2012

The government has decided to introduce revised Code of Corporate Governance in Public Sector Enterprises (PSEs) to tackle the governance issues leading to half a trillion losses, energy crisis and aggravating circular debt problem. Addressing the Seminar organised by the Sustainable Development Policy Institute (SDPI) on "Plural Business Partnership for Peace; Perspective from Pakistan, Chairman Securities and Exchange Commission of Pakistan (SECP) Muhammad Ali stated that half a trillion losses in PSE's, energy crisis and circular debt are due to governance problems. We have decided to revive code of corporate governance which would be implemented in public sector enterprises due to their impact on the economy. The Chairman SECP further stated that code of corporate governance would lead to improvement in culture of governance in public sector entities, corporate sector and would eventually be extended voluntarily to the family and individual businesses. Muhammad Ali said that better governance in PSEs would minimise losses and improve performance which in turn would contribute to growth. He said that higher economic growth and per capita income are important and without these the problem of conflict resolution would remain a challenge. He said that development, parity in incomes, reduction in poverty and availability of financing could considerably reduce problem of conflicts in the country. Muhammad Ali said that the SECP has introduced a new and revised Code of Corporate Governance 2012 for listed companies. Through the new code we are looking to further improve and raise the standards of corporate governance by taking into account the dynamic nature of the constantly evolving corporate sector and financial markets. The original code was introduced in 2002 and over time, to keep the code dynamic and aligned with the international best practices, changes to it were required. This is a major step towards encouraging a culture of good governance practices in Pakistan. He said that the SECP has also drafted a similar code for all public sector enterprises to ensure that the drain of the national exchequer is minimised, which will also help address the recurrent theme of alleged corruption prevalent in the state-owned enterprises. Furthermore, the SECP is considering introducing a voluntary code for small and medium enterprises as well as private and family owned enterprises to promote a culture of responsibility, ethics and sound management. Speaking to the seminar, Director for Strategic Planning and Evaluation Commonwealth, Nabeel Goheer said Secretary General Commonwealth on the request of the Prime Minister has decided to start a project in Pakistan for building a peaceful and democratic society. He said that the Commonwealth, a body of 54 member countries, working on two aspects; (i) conflict prevention and; (ii) conflict resolution. He said that the government of Pakistan is at highest level involved in the project, focusing that dialogue is the only way to move forward for a peaceful Pakistan while acknowledging different identities. OVERVIEW This news article was published in December 4, 2012. This article was issued when the codes which are already revised are introduced by the government in public sectors (PSEs). Main purpose of this act of government is to resolve the governance different issues. Pakistan government is on the highest level who is working on this project.

September 16, 2013 Conference on corporate governance implications The conference on Corporate Governance Implications for Companies with concentrated ownership organized by the (PICG) in collaboration with Centre for International Private Enterprise (CIPE) and Association of Chartered Certified Accountants (ACCA) to be held on Tuesday, (Sept 17) at a local hotel in Karachi. Andrew C Wilson, Regional Director Eastern Europe and Eurasia, Centre for International Private Enterprise will be the keynote speaker. A panel discussion titled, "The Board of Directors has the right to appoint the Chief Executive Officer will be moderated by Arif Masud Mirza Head of ACCA Pakistan. Prominent speakers from industry, legal fraternity and stock exchanges will highlight the role of corporate governance visa-a-vis concentrated ownership in organizations. OVERVIEW This news article was published in September 16, 2013. This article tells about the conference held for the implications of corporate governance which have concentrated ownership like PICG, CIPE and ACCA.

Market witnessed mixed trend October 22, 2012 The Karachi share market witnessed a mixed trend during the outgoing week because of investors' cautious stance. However, some interest re-emerged in the market in the last trading session of the week on the back of soft inflation outlook coupled with the commencement of the corporate result season. The benchmark KSE-100 index gained 98.54 points on week-on-week basis to close at 15,792.75 points. However, trading activity remained extremely low during the week, as average daily volumes at the ready counter declined by 12.8 percent to 101.68 million shares against the previous week's average of 116.55 million shares. Foreign investors' interest continued and they remained net buyers of shares worth $6.4 million during the week. The market opened on a positive note on Monday and the index increased by 52.69 points to close at 15,746.90 points with very low volumes of 81.892 million shares. However, investors opted for profit-taking on Tuesday and the index declined by 72.60 points to close at 15,674.30 with 82.838 million shares. This trend continued on Wednesday and the index lost another 19.68 points to close at 15,654.62 points with 91.253 million shares. Investors' interest revived on Thursday and the index recovered 24.57 points to close at 15,679.19 points with 134.890 million shares.

On Friday, the market witnessed a bullish session and the index increased by 113.56 points to close the week at 15,792.75 points with 208.918 million shares. Furqan Ayub, an analyst at JS Global Capital said that among key individual stock performances, LUCK and DGKC both outperformed the market by 1.7 percent and 3.2 percent respectively on strong earnings outlook. On the other hand, lower-than-expected results led to PTC and POL under-performing the market by 2.8 percent and 3.1 percent, respectively. An analyst at AKD Securities said that the market witnessed mixed movement during the week. Important news flow during the week included a current account surplus of $432 million in the first quarter of FY13 (deficit of $331 million), conflicting developments post-ICH implementation (revenue has started streaming in but nascent political opposition has surfaced) and above-target PSDP utilisation (federal component) in the first quarter of FY13. Top performing stocks in the AKD Universe included NCL (+8.5 percent) and NML (+6.2 percent) on promising outlook for the spinning sector. Cements (DGKC and LUCK both up 7 percent) also performed strong result expectations while AKBL among Banks gained 4.9 percent on expectations of a tender offer post Fauji Foundation's acquisition of AKBL. Major decliners during the outgoing week included SHEL (-4.2 percent), ENGRO (-2.9 percent on persisting gas supply concerns) and POL (-2.5 percent on below line first quarter FY13 results). Volume leaders included PTC (52.5 million shares), FCCL (48.2 million shares) and MLCF (47.3 million shares). OVERVIEW This news article was published in October 22, 2012. This article discussed the market trend in corporate sector. Mixed trends are followed in a Karachi share market because of the different investors. Sometimes the trading activities are high and sometimes it become low during a specific period.

Corporate governance is the way forward: SECP Posted on 2013-06-12 KARACHI (NNI): The Securities Exchange Commission of Pakistan (SECP) conducted an awareness session on the revised Code of Corporate Governance at the Institute of Chartered Accountants of Pakistan (ICAP) Karachi Wednesday. Under the revised Code certain previously optional provisions were made mandatory and also new concepts and requirements introduced which led to increased queries from the stakeholders. As a part of SECPs efforts to reach out to the stakeholders, Awareness sessions were held at

Islamabad Lahore and Karachi Stock Exchanges last year targeted towards CEOs, CFOs, company secretaries and internal auditors of the listed companies. This year owing to the robust ICAP membership and the fact that ICAP members are actively involved in implementing revised code in their roles as CFOs, Company Secretaries, Internal Auditors, External Auditors, Board members and CEOs SECP conducted the session at the awareness sessions at ICAP Karachi. The session comprised of presentations and panel discussion by the Commissioner SECP, President ICAP, Legal Director and Company Secretary Unilever Pakistan, Deputy Director Strategy, Development and External Relations Department SECP and Session chairman ICAP Past President Mr. Ebrahim Yacoob Sidat. The Commissioner SECP Mr. Asif Arif graced the session as the Chief Guest he spoke on the importance of implementing the Code in true letter and spirit. He highlighted that the process is an evolutionary one and the SECP encourages the stakeholders to come forward with their comments and issues which would ensure a better governance system, The President ICAP Mr. Ahmed Saeed thanked SECP for conducting the session at the ICAP and highlighted that the code of corporate governance in Pakistan is the brain child of ICAP. He also spoke on the relationship of SECP and ICAP citing it to be vital promoting good corporate governance in the country. The Chairman CPD and past President Mr.Abdul Rahim Suriya in his remarks spoke of the hurdle created for CAs by putting condition of 5 years experience of handling financial or corporate affairs of listed company or bank or financial institution. He said that ICAP has approached SECP for exempting this experience condition for CAs, he also pointed out that Corporate reporting should be included in the Code. The Legal Director and Company Secretary Unilever Pakistan Mr. Amar Naseer gave the industry perspective of the Code and criticized the separation of dual titles of CEO and Chairman , he also pointed out that recording of meetings with video and audio is not important and mere minutes should suffice. Deputy Director Strategy, Development and External Relations Department SECP Mirza Shoaib Baig presented a comparison of the Codes and highlighted the changes. Following the presentation the floor was open for question answer session which was chaired by the ICAP Past President Mr. Ebrahim Yacoob Sidat. He with expertise and command of corporate governance conducted the two hour long question answer session putting forward the views and suggestions of the participants and the regulators. OVERVIEW This news article was published in June 12, 2013 in Karachi. This article discussed the awareness session which was conducted by SECP at ICAP. Through revised codes the optional provisions are considered necessary and it will increase the queries of stakeholders.

ICAP conducts 5th Directors' Training Programme Posted on 2013-08-20 KARACHI (APP): The Institute of Chartered Accountants of Pakistan (ICAP) launched the Directors' Training Programme duly approved by the Securities and Exchange Commission of Pakistan (SECP). An ICAP statement here on Monday said that under the Code of Corporate Governance 2012, all the listed companies are required to make arrangements for directors' training to acquaint them with the code, applicable laws, their duties and responsibilities to enable them to effectively manage the affairs of the listed companies for and on behalf of shareholders. Since the launch in January 2013, ICAP has conducted four series of the programme in Islamabad, Lahore and Karachi and 88 professionals have been certified under the programme. The fifth programme was organised in Karachi and the session was attended by directors and professionals from leading organizations. The participants appreciated the interactive approach of the trainer and unique blend of knowledge content and peer discussion provided by the trainers. DTP provided participants a wide variety of exposure, reference building, interaction with different senior managers and directors of companies along with experience which will help them in their futureto compete in corporate world and give benefits to their organization by taking efficient solution for it. The concluding session of the fifth series will be held on August 26 and 27. The sixth such programme is scheduled for Faisalabad in September. OVERVIEW This news article was published in December 6, 2013 in Karachi. This article was published when training programs are conducted in different cities by the institute of chartered accountants which are approved by the SECP. Listed companies apply the rules, codes, duties for managing effectively training programs.

Corporate governance essential for ensuring transparency' December 21, 2012 RECORDER REPORT Good corporate governance, for being a key driver of business performance, is not just an essential but a necessity for economic revival of the country and a major tool when it comes to attracting foreign investors. This was the upshot of the speeches delivered at a Corporate Governance Workshop for Small, Medium and Family Enterprises organised by the Lahore Chamber of Commerce and Industry (LCCI) in collaboration with International Finance

Corporation (IFC) here on Thursday. They said corporate governance is also essential in ensuring transparency, strong and balanced economic development as well as in minimizing wastages. "Corporate governance leads to a good flow of capital as well as minimises corruption, risks and mismanagement besides lowering capital costs. It is imperative in a growing economy like ours to boost investors' confidence and good corporate governance leads to greater confidence.' "The companies that have good corporate governance structures always perform better than those that have weak governance structures. Every organisation should have structures that ensure safe growth and business failures were largely due to poor corporate governance structures. Speaking on the occasion, LCCI President Farooq Iftikhar stressed the need for some modification in global Corporate governance model saying that it could not be same for all countries as ground realities and economic conditions are different in different countries. Elaborating the point, he said that Pakistan has its own culture and traditions therefore family influence over business in this part of the land matters more than any country of the world. He said that the International Finance Corporation should prepare case studies for proper implementation of Corporate Governance in Pakistan. He said like any developing economy, Pakistan also houses a large number of SMEs which not only employee major segment of workforce but also contribute to a great deal in GDP. Most of these SMEs are family owned enterprises and for that matter keeping in view the typical style of management adopted by Pakistani businessmen, the importance of learning about new concepts get manifold. The LCCI President said that it is really significant to understand that the economy grows if SMEs grow. It is therefore vital that all stakeholders of the economy like government, banks, industry, business promotion bodies to collaborate with each other to ensure the growth and sustainability of SMEs. LCCI Vice President Mian Abuzar Shad urged the women to take part in business activities as this would not only increase their exposure but would also empower them in many ways. He said that the LCCI appreciates the initiative taken by International Finance Corporation with an objective to raise awareness of good governance in SMEs and family-owned businesses in Pakistan. The Convenor LCCI Standing Committee on Corporate Governance Altaf H Turab said that good Corporate Governance has emerged as a set of dynamic principles inevitable for developing an evil-free environment both vertically and horizontally for business proliferation. He said an ultimate objective of good corporate governance is to ensure an efficient management to safeguard the resources and minimise the risks for shareholders. Altaf Turab said that Good Governance flourishes necessarily in a corruption-fee environment. On the other hand, poor governance is the most encouraging and breeding source of corruption and it disrupts the society's ideological characteristics. By establishing good governance practices, institutions are able to reduce conflicts, motivate employees to perform at higher levels

and strengthen accountability mechanism thus stimulating the country's economic growth and ability to achieve profitability. OVERVIEW This news article was published in December 21, 2012. Good corporate governance plays an important role in economic revival, business performances and attracting the foreign investors. Corporate governance is important for ensuring the transparency it leads to the good flow of capital which minimize the wastage and risk of corporation

Pakistan's central bank raises discount rate to 9.5 percent

Posted on 2013-09-13

MONITORING DESK KARACHI: The State Bank of Pakistan (SBP) raised its key discount rate to 9.5 percent from 9.0 percent for September-October 2013 in line with requirements set by the International Monetary Fund. Governor SBP, Yaseen Anwar, made an announcement to this effect after chairing a meeting of the central board of directors of the central bank here on Friday. Analysts had widely expected the State Bank of Pakistan to raise its monetary policy rate - a rate at which banks borrow from it through its discount window - at some point this year in order to tighten Pakistan's monetary supply. The State Bank of Pakistan (SBP) has changed the schedule of the monetary policy. As per the new schedule, subsequent monetary policy statements will be announced during the first half of alternate months, i.e. in January, March, May, July, September and November. The monetary policy statement was last announced in June 2013.The central bank reduced the discount rate by 0.5 percent to nine percent for the months of June and July.

OVERVIEW This news article was published in September 13, 2013. This news article tells about the discount rate that is raised by the central bank (SECP) of Pakistan. State bank of Pakistan raised discount from 9 to 9.5 and this requirement is set by the IMF.

CDA apply with SECP Posted on 2013-08-01 ISLAMABAD (INP): The Capital Development Authority (CDA) has filed an application with Securities Exchange Commission of Pakistan (SECP) to get registered a new company with the name of Pakistan Avenue Development Limited. According to the CDA official, the initial summery formed to get registered the company has been changed. In the initial summary, it was proposed that CDA will hold 51 per cent shares of the company to retain control of the company, while 49 per cent shares would be sold. Now, the CDA has decided to hold all the shares of the company. Working capital of the company would be Rs100 million. Similarly, it was proposed in the initial report that Board of Directors of the company would be consisting of the CDA chairman, Secretary Cabinet Division and Secretary Communications but according to the new summary, CDA chairman would be chairman of the BOD, while Member Engineering and Member Estate Management would be members of Board of Directors. OVERVIEW This news article was published in August 1st, 2013 in Islamabad. This news article was published when capital development authority applied with SECP for registering a new company. CDA would b chairman of BOD and member engineering and member state management are the members of BOD.

SECP allows companies to issue bonus shares Posted on 2013-09-29 ISLAMABAD (Online): The Securities and Exchange Commission of Pakistan (SECP) has allowed companies to utilize capital redemption reserve to issue fully paid bonus shares. The companies can, however, issue the said bonus shares subsequent to redemption of preference shares under Section 85 of the 1984 Companies Ordinance. A notification to this effect is being issued in this regard. The aforesaid decision was taken in light of the practical difficulties faced by companies regarding utilization of the redemption reserve. Essentially, Section 85 of the ordinance provides for redemption of preference shares by a company and lays down certain provisions for such redemption. These provisions include the creation of a redemption reserve fund by transferring from profits, a sum equal to amount applied in redeeming of the preference shares. The amount in respect of such reserve, however, keeps on appearing in the financial statement of the company after complete redemption of preference shares. The subject ordinance is silent about the subsequent treatment of such reserve. After detailed deliberations by the Enforcement Department, including the study of different international jurisdictions and associated provisions, the SECP has allowed this treatment. The subsequent treatment of the capital redemption reserve fund is expressly defined in the corporate laws of international jurisdictions such as the 1956 Indian Companies Act, the 2005 Companies Act of the UK and the 1991 Companies Ordinance of Hong Kong, but the 1984 Companies Ordinance is silent about such treatment. The new treatment will allow the companies to utilize the reserve and increase the capital base of the companies. OVERVIEW This news article was published in September 29, 2013 in Islamabad. This article was published when SECP allowed companies to issued bonus shares. Provisions are included in a reserve fund which is transferred to profits and it will show in financial statements of the companies.

Saturday, July 27, 2013

Multi-billion dollar plan: Govt, ADB agree to expand COBP 2013-14 till 2014-16 ISLAMABAD: The government of Pakistan and Asian Development Bank (ADB) have agreed to expand multi-billion dollar Country Operational Business Plan (COBP) 2013-14 into COBP 2014-16 and it has been decided to re-prioritise the areas of investment interventions according to the newly elected governments priorities, official sources informed on Friday. Meanwhile, ADB has also agreed to provide $500 million budgetary support to Pakistan to ease out Pakistan foreign exchange reserves position during repayment of the International Monetary Fund (IMF) loan before the formal sanction of $5.3 billion IMF from its board in the first week of September, official sources informed. A review meeting regarding ADB development portfolio for Pakistan for the year 2010-13 was held at the Economic Affairs Division, which was co-chaired by ADB Central West Asia Director General Klaus Gerhaeusser and Economic Affairs Division Secretary Nargis Sethi here at the Pakistan Secretariat. The meeting was attended by representatives of concerned ministries, provincial representatives, representatives of implementing agencies, country representatives of the ADB and relevant stakeholders. The EAD secretary said that Economic Affairs Division in line with directives of Finance Minister Ishaq Dar will constitute a special Foreign Assistance Monitoring Cell to effectively monitor the timely disbursement and utilisation of foreign assistance for development projects. The EAD secretary apprised the meeting that the finance minister is concerned about the slow disbursement and implementation of various projects and has directed to evolve a proper mechanism to expedite projects implementation, remove unnecessary procedures and channelise the funds disbursement according to the agreed time line. The ADB DG on the occasion said that he has come to Pakistan with a view to assess the current situation and requirements of the country, which he would present before the board meeting. He said that the ADB would continue its consultation with government of Pakistan for finalising the COBP 2014-16. The meeting took review of the current status of the ADB-funded projects in the country. It also discussed in detail the parameters to further improve the completion of these projects, especially in energy and communication sectors. Pakistan and ADB had agreed on COBP 2012-13 and now it has been decided to enlarge this plan till 2014-16. As a result of general elections in Pakistan and new government taking over affairs, it has been decided to expand and re-prioritise the COBP in consultation with ADB. According to the official sources during the review meeting, it has been decided to formulate key proposals for incorporation in COBP so as to make it more fruitful for the newly elected government in Pakistan to implement its development agenda, the sources added. Indicative resource parameters: According to COBP 2013-14, Pakistan is eligible for resources from the Asian Development Fund (ADF) and ordinary capital resources (OCR). The indicative resources for the two-year period, 20132014, are $2,180 million, including $720 million ADF and $1,460 million OCR. Pakistans development finance requirements well exceed its own resources. Continued access to ADB funding will be contingent on the governments sound economic management, prudent fiscal policies, consistent portfolio improvement, and successful project implementation. The actual ADF allocation will depend on Pakistans rating under the performance-based allocation system. The total firm lending programme proposed for Pakistan in 20132014 amounts to $2,468 million ($1,108 million ADF, $1,360 million OCR) for 17 loans in the priority sectors, an annual

average of $1,234 million a year. About 55 percent of this (and 90 percent of OCR lending) will be provided through multi-tranche financing facilities (MFFs). The non-lending technical assistance programme for 20132014 currently stands at about $10.05 million for 14 projects, mainly project preparatory technical assistance. Efforts will be made to mobilise co-financing for technical assistance projects. Investments and reforms in energy and infrastructure: Investments are to increase energy efficiency and security. Three main areas within the sector will be addressed: energy sector enhancement (power generation, transmission, and distribution), energy efficiency development, and renewable energy development. The COBP focuses on helping resolve the power crisis by focusing on enhancements to power transmission and distribution. The COBP will enable ADB to maintain its focus on investments to improve transport (mainly via the National Trade Corridor programme) and water resources. Reforms to strengthen governance and promote structural transformation: During the remaining CPS period, the COBP envisions enhancing public-private partnerships (PPPs) and improving access to finance to advance the reform agenda and strengthen targeted social protection measures to improve the social safety net while easing inflationary pressures. Development of urban services: Pivotal interventions in cities and secondary towns to improve basic services focus on water, wastewater, waste management, and urban transport. ADB will support the government by drawing upon its demonstrated capacity and infrastructure development and its ability to catalyse PPPs in service delivery. In addition, ADB will assist in improving wholesale market infrastructure. OVERVIEW This news article was published in July 27, 2013 in Islamabad. This article discussed that government in Pakistan and Asian development banks (ABD) have agreed to expand the country operational business plans.

BETA 2.1

By Our Correspondent Published: August 30, 2013 Corporate results: PICT posts higher earnings as it adopts austerity KARACHI: Pakistan International Container Terminal (PICT) posted a profit of Rs1.1 billion for the half-year ended June 30, up 61.1% from the corresponding six-month period

of 2012 when the companys earnings were Rs710.3 million, according to a notice sent to the Karachi Stock Exchange (KSE) on Thursday. While the companys half-yearly revenues increased 16% to Rs3.8 billion, terminal operating costs recorded a decrease of 2.8%. An increase in the top-line coupled with a slight decline in operating costs resulted in a gross profit of over Rs2 billion, which is up 41.5% compared to January-June 2012. PICTs operational efficiency seems to have gone through a major shift during the period under review, as nearly all key expenses ranging from terminal operating costs to administrative expenses, finance costs and other charges have declined noticeably, thus pushing the basic earnings per share of the company from Rs6.3 in the first half of 2012 to Rs10.4 in January-June 2013. The majority shareholding of PICT was with the Marine Group of Companies until last year. But the Philippines-based International Container Terminal Services Inc Mauritius Limited (ICTSIML) purchased a 6% stake in PICT at Rs150 a share in October through a tender offer on the KSE while signing a separate share purchase agreement with majority stakeholders. Subsequently, ICTSIML kept buying shares from various stakeholders, driving the companys share price up to Rs275.28 a share on December 14, up from Rs170.7 a share exactly a month before. According to a July 9 notice posted on the KSE website, ICTSIMLs direct and indirect ownership in PICT is 64.5%. Published in The Express Tribune, August 30th, 2013 OVERVIEW This news article was published in August 30, 2013 in Islamabad. This article shows the corporate result. The Pakistan International Container Terminal (PICT) shows a half year profit which is 1.1 billion. PICT post their higher earnings in a corporate sector thats attracted the investors.

Corporate results: Higher margin products propel Nestle Pakistans earnings by 20% Published: August 28, 2013 KARACHI: Nestle Pakistans profits increased by a fifth on the back of higher margins that helped the company absorb higher distribution and selling expenses and disregard sluggish growth in its revenues during the six-month period of 2013.

On Tuesday, the Pakistani subsidiary of the worlds largest food and Consumer Goods Company reported a net profit of Rs3.5 billion for the first half of 2013, up 20% compared with Rs2.9 billion it earned during the corresponding period of the previous year. However, the companys revenues, for the period under review, increased only 3% to Rs42.4 billion in comparison with Rs41.1 billion it grossed in the corresponding period of last year. Even a small growth in revenues of a company as large as Nestle Pakistan is a positive sign, but it certainly indicates sluggish growth for a company that saw its revenues shoot up 22% in 2012. There is a slowdown across the FMCG sector while the law and order situation, especially in Karachi, is also hurting the sectors growth, said Ayub Ansari who is the deputy head of research at AKD Securities. Inflation may have been another factor, he said the average inflation rate for the first six months of 2013 was 6.4%. It is mainly improved margins which drove the companys profits because its revenues remained almost flat. Nestles gross margins increased from 27.4% in the first six months of 2012 to 31% in the first half of 2013 an indication that the company is selling more of its higher-margin products. The prices of raw material remained more or less depressed in the first half of the current year, Ansari said. Given the company imports most of its raw material, he said, it may have benefited from the better pricing of the raw material. The rupee depreciation during the first half of the current year could also be a factor that improved the companys core margins, said Arif Habib Corporation Head of Research Khurram Shahzad. The rupee depreciated over 2% against the dollar in the period, Shahzad said, which helped them get good prices for their exports to Afghanistan and Central Asia. Nestle, however, saw its distribution and selling expenses for the period increase 27%, which eroded profitability. The companys marketing and advertising cost increased significantly as it could not grow its sales during the period. The company has been aggressively advertising in the last quarter, they said. Rising competition could also be a reason behind dampened growth in the companys top-line. Engro foods is doing aggressive marketing in the dairy and juices segment and may be giving competition to Nestle, he said. Published in The Express Tribune, August 28th, 2013. OVERVIEW This news article was published in August 28, 2013 in Karachi. This article shows the corporate result of Nestle Pakistans profit that the worlds largest food and consumer goods company profit increased by 20 % i.e: 2.9 billion of last year and 3.5 billion of current year.

Questions raised over new corporate governance code By Our Correspondent Published: October 5, 2012 KARACHI: Representatives of listed companies, the Karachi Stock Exchange (KSE) and the corporate sector regulator gathered on Thursday on the erstwhile trading floor of the KSE to discuss the Code of Corporate Governance 2012, which replaced its 2002 version in April this year. A question-and-answer session followed a detailed presentation on the revised code by KSE Deputy Managing Director Haroon Askari. While the participants commended the Securities and Exchange Commission of Pakistan (SECP) for introducing changes to the structure of boards of directors of listed companies, some of them raised questions that were critical of the new requirements. While the code of 2002 encouraged a minimum of one independent director on the board of a listed company, the revised version makes it mandatory for them to have at least one independent director and recommends that one-third of total members of the board should be independent directors. Unlike the previous code, the revised code says the chairman and CEO will not be the same person unless specifically provided in any other law. Besides, it now mandates that the chairman is elected from among the non-executive directors of the listed company. Some of the session participants expressed their fear that non-executive, independent directors may not always be the best people to understand the working of a corporate entity since they get involved in the companys affairs for just a few times in a year. Similarly, concerns were raised about the rationale of letting each shareholder irrespective of the size of their shareholding attend annual general meetings (AGMs), as sometimes they created a fuss and disrupted the proceedings. Speaking on the occasion, chartered accountant Ebrahim Sidat who is one of the authors of the revised code said restricting small shareholders from AGMs was against the concept of corporate democracy. He also defended the mandatory requirements introduced in the code with regard to the presence of non-executive, independent directors on corporate boards, saying the measure would bring more transparency. . OVERVIEW This news article was published in October 5, 2012 in Karachi. This article was issued when questions are raised on the new corporate governance code. The KSE and other corporate sectors raised the question when the codes of corporate governance 2012 are replaced with 2002 version.

July 27, 2013 Execution date of Corporate Governance Rules 2013 extended ISLAMABAD: Federal government has extended the date of implementation of the 2013 Public Sector Companies (Corporate Governance) Rules 2013 to August 8, 2013. The rules issued by the Securities and Exchange Commission of Pakistan to provide a governance framework for the public sector companies are aimed at turning around their performance, minimizing political interference in their management and ensuring effective use of public assets and resources. OVERVIEW This news article was published in July 27, 2013 in Islamabad. This article show the extended date of the implementing the rules like provide the frameworks in a corporate sector for proper management.

Wednesday, March 20, 2013 ICMAP arranges training programme : DTP programme to meet mandatory directors training requirement ISLAMABAD: Institute of Cost and Management Accountants of Pakistan (ICMAP) arranged a Directors Training Programme (DTP) approved by the Securities and Exchange Commission of Pakistan (SECP) on Tuesday. The DTP was designed to be a five-day certification programme and participants from 16 different organizations attended the training. The directors of listed companies were encouraged to attend the programme specially designed to meet the mandatory directors training requirement under Code of Corporate Governance (CCG) 2012. Abdul Khalil Chairman CPD made arrangements of the programme. He said the closing ceremony of the DTP that Code of Corporate Governance (CCG) would add to transparency and accountability as well as better management of the corporate affairs. Under CCG the Board of Directors is encouraged to have a balance of executive and nonexecutive directors, including independent directors and those representing minority interests with the requisite skills, competence, knowledge and experience so that the board as a group includes core competencies and diversity, including gender, considered relevant in the context of the companys operations. He encouraged and endorsed the professional indemnity insurance cover in respect of independent directors. Akif Saeed Executive Director at the SECP congratulated ICMA Pakistan for being the first in conducting DTP in the capital. He said what was written in code should be implemented in letter and spirit.

DTP is being made mandatory for the institutions to arrange at least one session a year. Professional standards and corporate values are put in place that promote integrity for the board, senior management and other employees in the form of a Code of Conduct, defining therein acceptable and unacceptable behaviours. The Board shall take appropriate steps to disseminate Code of Conduct throughout the company along with supporting policies and procedures and these shall be put on the companys website, he said. Ziaul Mustafa Awan President ICMA Pakistan highlighted the enriched legacy of the institute and paid his gratitude to the participants of the DTP and anticipated the training would polish their administrative skills in additions to imparting the insight of the corporate governance. Good governance instils investor confidence and reciprocally benefits the corporation. He exclaimed key to corporate governance lies in the change in mindset. He appreciated CPD staff of Islamabad centre of the institute for smooth proceeding and well managed event. The institute was established in 1951 and works under Cost and Management Accountants Act 1966 OVERVIEW This news article was published in March 20, 2013 in Islamabad. The Institute of Cost and Management Accountants of Pakistan (ICMAP) was arranged a Training Programs for directors (DTP) which are approved by the Securities and Exchange Commission of Pakistan (SECP). This training program was attended by the 16 different organizations.

Corporate transformation: Enhancing the success of family-run businesses By Our Correspondent Published: September 18, 2013 KARACHI: For many people, family-owned businesses symbolize bad governance, micromanagement and use of company assets to bolster personal life styles. However, if managed properly, such businesses have the potential to grow into fast-growing corporate entities while retaining their concentrated shareholding patterns, according to speakers at a seminar titled, Corporate Governance Implications for Companies with Concentrated Ownership held on Thursday. The objective of the conference was to discuss whether the ownership structure of companies should influence the board of directors in carrying out its duties and responsibilities, and its impact on the management and performance of the companies in the long-term.

Corporate governance offers a practical solution to the challenge of a good relationship between owners and other stakeholders which becomes more complex when a business expands, be it family or a non-family business. Corporate governance system puts in place the policies and procedures to manage effective organizational setup that defines roles and responsibilities, said Pakistan Institute of Corporate Governance President and CEO Fuad Hashimi. Majority of the businesses are concentrated ownerships in Pakistan. Concentrated ownerships or closed companies, including family businesses, and are represented by a small number of shareholders, all of whom have the ability to participate in the management, directions, and operations of the entity. While the chief guest Securities and Exchange Commission of Pakistan Acting Chairman Tahir Mahmood was not able to make it to the conference, Hashimi delivered Mahmoods speech on his behalf, saying that the majority of businesses in Pakistan are structured in a similar manner and corporate governance is often construed as the exclusive domain of large corporations with scattered shareholding structures. Hashimi went on to say that the need for professional business approach was far more important in a family than in a non-family business, especially in the context of Pakistan. Historically, only 30% of family-run businesses make a successful transition from the first generation to the next. The success rate can only be boosted when there is a written and clear policy for the selection of the right family members for future leadership roles. Published in The Express Tribune, September 18th, 2013. OVERVIEW This news article was published in September 18, 2013 in Karachi. Family run businesses in a corporate sector was successful in Pakistan history but now the family owned businesses indicates the bad governance. They have possibilities to run successfully so the family run businesses should be enhanced.

Government fully backs corporate governance framework: Finance Minister

Islamabad, The government fully supports corporate governance framework as it will strengthen good governance practices within the public sector enterprises, improving their performance and supporting the national economy. Dr Abdul Hafeez Shaikh, the Finance Minister, said this on Thursday while addressing the roundtable meeting to deliberate on the draft regulations for public sector companies. It was organized by the Securities and Exchange of Commission, Economic Reforms Unit of the Ministry of Finance, the Center for International Private Enterprise (CIPE) and the Pakistan Institute of Corporate Governance (PICG). Around 120 participants from various ministries and public sector companies, including senior bureaucrats, PSCs key executives, CEOs, accountants/professionals and lawyers attended the roundtable. During the session, highly interactive and detailed deliberations were made on the draft regulations. The participants shared their views on the major provisions, including the composition of the board, the role of independent directors, separation between the offices of chief executive and chairman, fit and proper criteria for directors, disclosure and transparency requirements etc. Syed Asad Ali Shah, Dr Shamshad Akhtar, Dr. Khaqan Najeeb and other speakers made various concrete recommendations to optimize their transparency and accountability and improve efficiency as a way forward to improve the public sector enterprises governance. Muhammad Ali, the SECP Chairman, emphasized the need for assessing the appropriateness of the legal framework under which the corporate governance code for PSEs is going to be issued. The organizers are grateful to the stakeholders who attended the roundtable for their invaluable contribution. After further deliberations in light of these roundtables, the recommendations on the draft regulations will be finalized by the task force formed by the government for corporate governance of public sector enterprises. OVERVIEW This news article was published in Islamabad. This article discussed that the Pakistan government supported the performances of Corporate Governance which are the cause of economic development in a country.

PSCs (Corporate Governance) Rules, 2013: SECP says applicable to 130 PSEs and government-owned entities Friday, 01 February 2013

The Public Sector Companies (Corporate Governance) Rules, 2013 of the Securities and Exchange Commission of Pakistan (SECP) will be applicable to 130 public sector companies and government owned enterprises including power distribution and generation companies. Sources told Business Recorder here on Thursday that the rules would be applicable to Pakistan Steel, gas companies, NICL, power distribution and generation companies and all other government owned enterprises. Explaining the Public Sector Companies (Corporate Governance) Rules, 2013, sources said that the legally "Public Sector Company" means a company, whether public or private, which is directly or indirectly controlled, beneficially owned or not less than fifty percent of the voting securities or voting power of which are held by the Government or any instrumentality or agency of the Government or a statutory body, or in respect of which the Government or any instrumentality or agency of the Government or a statutory body, has otherwise power to elect, nominate or appoint majority of its directors. These rules shall apply to all Public Sector Companies, whether listed or unlisted, including associations not for profit, licensed under section 42 of the Companies Ordinance. In the case of listed Public Sector Companies, any provision contained in these Rules shall be applicable even if it is not contained in the Code of Corporate Governance. The Board (board of directors of a Public Sector Company) shall consists of executive and nonexecutive directors, including independent directors and those representing minority interests with the requisite range of skills, competence, knowledge, experience and approach so that the Board as a group includes core competencies and diversity considered relevant in the context of the company's operations. The Board shall have forty percent of its total members as independent directors within two years of this notification and shall have a majority of independent directors subsequently. The Public Sector Company shall disclose in the annual report non-executive, executive and independent directors.

OVERVIEW This news article was published in February 1, 2013. SECP applies the rules of public sector companies of corporate governance in a 130 public sector companies. PSCs rules are applicable to Pakistan Steel, gas companies, NICL, power distribution and generation companies and all other government owned enterprises.

Good corporate governance can provide impetus to economic growth: SBP 16 January 2013 KARACHI The State Bank of Pakistan Governor Yaseen Anwar has stressed upon the need to develop and implement good governance practices in order to provide impetus to economic growth. Emphasis on good corporate governance regimes cannot be underscored more as it creates an attractive investment climate necessary to maintain investors confidence, resulting in positive impact on the share price and creating possibilities for raising low cost Capital, he said while speaking as a chief guest at The Success of Executive MBA of 2012 held at IBA (Main Campus) in Karachi. The complexities arising in the eco-system of any business may arise in the shape of macro economic imbalances that include sagging demand, inflation, volatility in financial markets, he said, adding that while demanding situations on the internal front arise from personnel management, investment ambiguity that there are always complex matrices linking external challenges with internal ones and therefore, successful business leaders will never make internal business decisions in isolation. An uniformed business leader is a leader without a vision and quite likely without any success, h said. SBP Governor said the present turmoil in the financial sector provides an opportunity to learn from the financial worlds mistakes and overzealousness. I feel the most significant lesson that we have learnt from recent events is the importance of fundamentals in risk management. For instance, there is a basic rule since inception of banks which says do not put all your eggs in one basket. Had this simple rule been followed, many institutions could have avoided huge losses, he added. He asked the MBA Executives to focus on establishing a system that actively promotes ethical decision making one that can act as a deterrent to unethical, illegal and harmful practices within the institution. Remember, as future executives, you will have a fiduciary duty towards shareholders, employees, clients and society as a whole. More often than not, their interests will not be aligned and you will need to make extremely tough choices, he added. Anwar told the MBA Executives that they are the leaders of tomorrow and I challenge you to change the way business is done here. I challenge you to create an organisation that can survive, and indeed thrive in the challenging business environment we face today. I challenge you to create the organisation that will become the face of Pakistan abroad. And I challenge you to do all this while remaining true to your own values, your own personal ethos and while remaining servants to the people of this nation so that you may be able to take better, well-informed and principled decisions.

OVERVIEW This news article was published in Jan 16, 2013 in Karachi. This article tells that good corporate governance is a cause of economic growth in a country. The state bank of Pakistan stressed on this issue. It is necessary for the investor confidence and for raising low cost of capital.

SBP considers preparing strategic roadmap for expanding payment system 20 December 2012 KARACHI: State Bank of Pakistan (SBP) Governor Yaseen Anwar revealed that the central bank is considering a proposal to prepare a five-year strategic roadmap for the expansion of the countrys electronic payment system. He was speaking at the inauguration of a one-day workshop on the future of branchless banking payment systems and financial inclusion at a local hotel. He said that if banks and mobile network operators (MNOs) want to succeed, they must assign strategic priority to branchless banking. Furthermore, he stressed upon the boards and chief executives of banks and MNOs to have ownership of branchless banking and added that this will help to bring commitment, attention, and support from every level of the organisation to this innovative, exciting and challenging service. The SBP has taken several policy and developmental initiatives to promote financial inclusion in the country, he said. Today, our regulatory environment for microfinance and branchless banking is considered one of the best globally. He added that mobile phone subscribers are almost 120 million, while banking accounts stand at 32 million and the number of borrowers is 5.7 million only, which indicates that there exists a large financially-excluded market. Therefore, bringing this un-served market into the formal financial system is our key objective as we believe that this will enrich the countrys socioeconomic development, he said. He pointed out that the brick and mortar retail network of Pakistans financial industry stands at 11,000 outlets after 65 years, while the branchless banking retail agents network has grown beyond 32,000 agents in a short span of three years. With almost 1.8 million mobile banking accounts, branchless banking customers conducted almost 32 million transactions worth Rs140 billion during the quarter ended September 2012, he said. He further added that the average size of each transaction is Rs4,065, which shows that technology is helping financial access of the unbanked population of the country. 90 percent of the total bank branches are currently processing real-time online banking services across the country, he said. One million internet banking users, 1.8 million mobile phone banking users, and more than 10 million call center users are enjoying virtual banking.

He emphasised upon the MNOs to come up with creative marketing strategies and financial literacy schemes that will provide basic learning and educative experience to their customers. OVERVIEW This news article was published in December 20, 2013 in Karachi. The central bank of Pakistan is a state bank (SBP) and they planned to prepared the five years strategic road map for expanding the electronic payments in Pakistan.

Govt to promote corporate governance in PSEs: Hafeez By: Javeria Nasir, Uploaded: 12th April 2012 ISLAMABAD: Federal Minister for Finance, Dr. Abdul Hafeez Shaikh here on Thursday said that the government was determined to enhancing the efficiency of public sector enterprises (PSEs) by restructuring their boards and appointing professional heads of these organizations mostly from private sector in order to make the entities profitable institutions. He stated this while addressing a round-table conference on Code of corporate governance for public sector enterprises, which was jointly organized by the Securities and Exchange Commission of Pakistan (SECP), Pakistan Institute of Corporate Governance and Economic Reforms Unit of the Ministry of Finance. Dr. Hafeez said that the launch of the code of corporate governance for public sector enterprises will help to develop the capacity of public sector organization and to bring them as par with international standards and make them competitive. In fact it was a good effort for restoring the confidence of international institutions on our organizations by adopting the best practices to restructure these enterprises, he remarked. He said that government was inducting the well reputed professionals in the board of public sector organizations in different phases adding that reforms was introduced in power sector.

The minister said that the board of power producing and distributing companies were restructured and best professionals were haired involving the members of chambers of commerce and Pakistan Business Council. Dr. Shaikh informed that as the continuity of the process the new Managing Director of Pakistan Airline was appointed and new MD of Pakistan Steel Mills would be appointed within next couple of days. We have also send them the message that the public money was not so cheap and prove their worth by enhancing the efficiencies of these entities, he added. The minister further said that involvement of private sector in economic development was vital and it was also striving to initiate the mega projects with public-private partnership bases for infrastructure development and power production from Thar-Col. Speaking at the conference, Director General, Economic Reforms Unit of the Ministry of Finance, Khakan Najeeb said that government has successfully introduced power sector reforms during last two years. He further said that restructure plan for the boards of PIA and PSM was also developed to turn these organizations into profitable entities for the country. Chairman Task Force of Corporate governance, Asad Ali Shah on the occasion highlighted the steps taken by the government for promotion of the corporate governance in the country. He said that Rs.300 billion to Rs.400 billion per anum losses in different PSEs including Pakistan Steel Mills, Pakistan Railways and PIA. He said that by introducing good corporate governance and appointing independent, efficient and honest Chief Executive Officers (CEOs) and Board of Directors by applying fit and proper criteria for the boards and appointments, the effeciency of the entities can be improved. Chairman SECP, Muhammad Ali speaking on the occasion said that the Commission has drafted Public Sector Companies (Corporate governance ) Regulations ,2012 and to be present to the government for its approval after getting inputs from various stakeholders for the development of PSEs in the country. OVERVIEW This news article was published in April 12, 2012 in Islamabad. This article was issued when corporate governance increases the efficiency of public sectors for making the institutions profitable in a corporate sector. For enhancing the efficiency sectors are adopting best practices.

SBP reserves improve 24 December 2012 SBP Diary - SBP News State Banks foreign exchange reserves improved by $73 million to $8.587 billion during the week ended December 14, 2012, the central bank announced on Thursday. However, the countrys overall reserves fell by $166 million to $13.208 billion during the same period. The forex holding of scheduled banks witnessed a net fall of $239 million during the week. Currency watchers believe that the banks reserves fell due to rising payments for oil imports OVERVIEW This news article was published in December 24, 2012. This article shows the improvement of reserves in a state bank of Pakistan. The reserves are improved from 73 million to 8.57 million.

PHF executive board meeting on 11th

September 05, 2013

LAHORE:-The executive board of the Pakistan Hockey Federation (PHF) will meet here on September 11 with main item on the agenda is discussion on the elections of the federation. PHF president Qasim Zia will preside over the meeting which will also review the performance of the national hockey team in the wake of its shocking defeat in Asia Cup recently in Ipoh, Malaysia which deprived the country of participation in the next years Hockey World Cup in Holland.

OVERVIEW This news article was published in September 5, 2013. Its the news about the meeting of executive board of PHF in 11 September. Purpose of meeting is to discuss the elections and also discussed the national hockey team performances.