Pro­posed Com­pa­nies laws must re­flect int’l best prac­tices

Pakistan Observer - - ECONOMY WATCH -

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.

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