KARACHI, Aug 2: Implementation programme of Code of Corporate Governance was highlighted by Managing Director of Pak-Kuwait Investment Company (Pvt) Limited, Zaigham Mahmood Rizvi, before Khalid A. Mirza, Chairman, SECP, who visited the Pak-Kuwait offices on July 31.

A press release issued by Pak-Kuwait stated that the Pak- Kuwait managing director briefed about various measures being adopted by the company to maintain its strategic position among development financial institutions (DFIs).

A review of the company’s performance over the years and three-year business plan were also discussed.

The company said it had instituted an in-house programme of implementing Code of Corporate Governance (CCG) even before it was made mandatory and not being a listed company. Efforts made by the management for institution of the implementation programme and strategic steps taken to align with CCG were stated to have been highly appreciated by the SECP chairman.

“He was further informed that Pak-Kuwait is proud to be the first institution in Pakistan to offer itself for ranking and assessment on compliance to CCG to be done by JCR-VIS,” the press release said, adding the SECP chairman was appraised that the management had carried out an in-house ‘gap analysis’ on compliance to CCG, which highlighted that Pak-Kuwait was already complying with nearly 70-80 per cent of the requirements of CCG. The remaining areas, would be made compliant in the next 3 to 9 months by taking certain procedural steps, Pak-Kuwait stated and added the SECP chairman highly appreciated the proactive initiative of Pak-Kuwait in ensuring compliance of CCG.