Proposed Companies laws must reflect int’l best practices
MIAN ARSHAD ISLAMABAD—Finance Minister Ishaq Dar, Wednesday, the proposed Companies Bill 2016 carried due significance for efficient and effective regulation of corporate sector. Chairing to review the progress of draft Companies Bill 2016, he said that proposed bill should reflect the international best practices. Chairman SECP, Zafar-ul-Haq Hijazi briefed the meeting on the consultative process carried out by the Commission for making the bill a comprehensive law covering all aspects of corporate governance.
He said that SECP had held extensive consultations with all stakeholders and had also held seminars to disseminate information regarding the new bill as well as to solicit recommendations for the various sectors. The suggestions and recommendations received during the process had been analysed by SECP and those found to be logical and feasible had been incorporated in the draft.
The Minister on the occasion said that the proposed law carries due significance for efficient and effective regulation of corporate sector. He also gave instructions for further improvements and finalization of the draft bill so that it could then be placed before the Cabinet before introduction in the Parliament for enactment.