ISLAMABAD: Federal Minister for Finance Ishaq Dar, chairing a meeting to review the draft of Companies Bill, 2016, said that the proposed law is significant for ensuring an efficient and effective regulation of the corporate sector.
Securities and Exchange Commission of Pakistan (SECP) Chairman Zafarul 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 elicit recommendations for the various sectors.
“The suggestions and recommendations received during the process have been analyzed by SECP, and those found to be logical and feasible have been incorporated in the draft,” he added.
He said the proposed bill must reflect the international best practices.
He also gave instructions for further improvements in the draft bill so that it could then be placed before the cabinet before introduction in parliament for enactment.
