March 13, 2003	Thursday	Muharram 9, 1424

ISLAMABAD, March 12: The Securities and Exchange Commission of Pakistan (SECP) here on Wednesday held three workshops to equip the securities regulators with a broader understanding of procedures for enforcement of the Code of Corporate Governance. These workshops were attended by over 90 officials of the SECP and the three stock exchanges. The workshops are being conducted by an expert of the International Securities Consultancy (ISC), Richard Dvorin.

Another objective of the workshop is to imbibe best practices and world standards of corporate governance among the participants.

The Asian Development Bank corroborated with the SECP in organizing the workshops, which are a part of ADB’s loan given to the government of Pakistan under the project — Capacity Building for Capital Market Development and Corporate Governance.

Aimed at fostering a system to safeguard the interests of diversified stakeholders, including the minority shareholders, the SECP issued in March 2002 the Code of Corporate Governance, which was subsequently incorporated in the listing regulations of the three stock exchanges.

Subsequently, it was made applicable to all non-listed insurance companies as well.