03 January 2004	Saturday	10 Ziqa'ad 1424

ISLAMABAD, Jan 2: The Securities and Exchange Commission of Pakistan (SECP) has permitted the listed companies to hold their Board of Directors' meetings through video conferencing, says a press release.

The decision ushers in the use of modern technologies which, besides being cost effective, would ensure participation of almost all the directors in such meetings. It would go a long way towards fulfilment of the objectives of good corporate governance, it was stated.

The SECP, however, advised the listed companies to avail themselves of this facility only in emergency situations. It would be mandatory on them to observe the requirements of the requisite quorum and other legal formalities relating to holding of such meetings.

It would the responsibility of the company's secretary to secure the video recording of the proceedings of the meetings and keep it in his custody along with the other relevant record, it further directed.