The Securities and Exchange Commission of Pakistan (SECP) announced on Friday that it has made amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2019, and the Companies (Postal Ballot) Regulations, 2018.
The revisions aim to protect shareholders’ rights, improve corporate governance, and ensure the integrity of the market.
One of the key changes includes the removal of the category-wise voting scheme. This adjustment is designed to strengthen the representation of minority shareholders on corporate boards, ensuring their influence in the decision-making process.
Additionally, the role of the scrutiniser has been expanded to improve the transparency of the election process for directors and proxies. These changes are expected to provide more clarity in accepting or rejecting nominations, enhancing fairness in corporate elections.
Other notable amendments include requirements for mandatory attendance of directors at general meetings, and the promotion of independent evaluations of board performance by external bodies. These reforms aim to bolster corporate governance practices and create a more accountable and transparent business environment.