ISLAMABAD, June 10: The Asian Roundtable on Corporate Governance, an OECD-led forum, has issued a White Paper which, inter alia, calls for better protection to minority shareholders’ interests and improved bank governance.

According to the details released by the Securities and Exchange Commission (SECP) here Tuesday, the White Paper also highlighted the importance of full compliance with international accounting and audit standards, stronger implementation and enforcement of existing laws and regulations, etc.

Developed by Asian policy makers, regulators, business leaders and experts, the White Paper reflects the discussions and recommendations of Asian Roundtable meetings that took place throughout the region during the period 1999-2003.

Its recommendations focus on non-OECD member countries of Asia, taking into account the region’s legal, cultural and economic diversity. It also takes cognizance of the issues relating to family-run firms, which represent the backbone of Asian economies.

The Securities and Exchange Commission of Pakistan participated in the last Roundtable held in March 2003 in Kuala Lumpur and the contributions of its officers were appreciated by the OECD.

“The Roundtable and White Paper have benefited from the active involvement of Pakistani regulators and experts,” said Robert Zafft, OECD Corporate Governance Specialist. “It indicates to us a commitment on the part of Pakistan to continue to improve corporate governance rules and practices.”

During the past few years, SECP spokesman remarked, corporate governance has been a key area of reforms in Pakistan. In March 2002, SECP introduced the Code of Corporate Governance which sets out recommendations for improving governance practices in listed companies.

The Code primarily aims at establishing an adequate institutional system whereby a company is directed and controlled by its directors in compliance with the best established practices.