The Need for Corporate Governance

May 29th, 2015
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RESPONSIBILITIES, POWERS AND FUNCTIONS OF BOARD OF DIRECTORS vii. The directors of listed companies shall exercise their powers and carry out their fiduciary duties with a sense of objective judgement and independence in the best interests of the listed company. viii. Every listed company shall ensure that:

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SECURITIES AND EXCHANGE COMMISSION OF PAKISTANNIC Building, Jinnah Avenue, Blue Area, IslamabadNo. 2(10)SE/SMD/2002- March 28, 20021. The Managing Director Karachi Stock Exchange (Guarantee) LimitedKarachi2. The Managing Director Lahore Stock Exchange (Guarantee) LimitedLahore.3. The Secretary Islamabad Stock Exchange (Guarantee) LimitedIslamabad.Subject: Code of Corporate GovernanceDear Sirs,In supersession of our earlier directive of even number dated March 4, 2002, the Securities and Exchange Commission of Pakistan, for the purpose of establishing a framework of good corporate governance whereby a listed company is managed in compliance with best practices and in exercise of the powers conferred by sub-section (4) of section 34 of the Securities and Exchange Ordinance, 1969 (XVII of 1969), is hereby pleased to direct all stock exchanges to insert the following clauses appropriately in their respective listing regulations immediately, which clauses shall be enforced in such manner and with effect from such dates as have been specified in the Appendix, namely:-BOARD OF DIRECTORSi. All listed companies shall encourage effective representation of independent non-executive directors, including those representing minority interests, on their Boards of Directors so that the Board as a group includes core competencies considered relevant in the context of each listed company. For the purpose, listed companies may take necessary steps such that: a. mi

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