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Islamabad, 2 October 2006
— The International Finance Corporation, the private sector arm of the World Bank Group, the Securities and Exchange Commission of Pakistan, and the Pakistan Institute of Corporate Governance today announced the launch of a national corporate governance survey as part of their combined efforts to improve corporate governance practices in Pakistan.
The survey constitutes the first initiative of its kind in Pakistan and will serve as a reference point to promote corporate governance reforms in the country. The survey will also serve as a baseline for IFC’s Pakistan corporate governance reform project. The key areas include levels of commitment to corporate governance, board composition and responsibilities, shareholders’ rights, transparency, and financial disclosure. The survey will be conducted by the Association of Chartered Certified Accountants Pakistan, which has extensive international experience as well as the necessary corporate governance expertise to ensure a quality implementation of the survey.
Kaiser Naseem, IFC’s corporate governance project manager in Pakistan, added, “The purpose of the survey is to determine the existing level of corporate governance practices among national banks and companies, to benchmark these practices against international reference points, and to offer recommendations for improvements and reform.”
Razi ur Rahman Khan, Chairman of the Securities and Exchange Commission of Pakistan, commented, “While the code of corporate governance has, to some extent, established a system whereby a company is directed and controlled by its directors in accordance to best practices, we believe governance continues to be a challenge. We hope that this survey will provide insight and establish the groundwork for future reforms in the country.”
Zahid Zaheer, CEO of the Pakistan Institute of Corporate Governance, stated, “We believe that good corporate governance practice is essential to gaining investor confidence and developing a sound business sector. The international financial community is now well aware of the importance of implementing higher standards of governance. As a result, we are pleased to introduce this survey, which will aim to develop a benchmark for companies and banks in Pakistan.”
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
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