KARACHI: The Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) organized a seminar on “Corporate Governance – Current State, Challenges & Way Forward” recently at the ICAP House.
Abdul Rab, FCA, CPD Convener SRC, commenced the program by giving an introduction of the program, followed by opening address by Yacoob Suttar, FCA, President ICAP.
Syed Asad Ali Shah, FCA, Managing Partner, M Yousuf Adil Saleem & Co. Chartered Accountants (A member firm of Deloitte International) was the keynote speaker. Asad Ali Shah in his presentation encompassed the key changes and features of the revised code of corporate governance, which went on further to provide insight on the role of the corporate boards in effectively and efficiently managing the companies.
The presentation was followed by a highly interactive panel discussion moderated by Fuad A. Hashimi, FCA. The panellists include Nadeem Naqvi, Managing Director, Karachi Stock Exchange Limited, Nasim Beg, FCA, Chief Executive, Arif Habib Consultancy (Pvt.) Ltd., Parvez Ghias, Chief Executive Officer, Indus Motor Company Limited, Zaffar A. Khan, Adjunct Professor, Institute of Business Administration and Syed Asad Ali Shah, FCA.
Zafar A Khan stressed the need of inclusion of women on BODs. to bring about a dynamic change in the corporate world. Further, he highlighted the feministic attributes of women playing a pivotal role in leading the organizations on empathetic terms and giving energy to their respective organizations – thus catalyzing the corporate culture. Owing to the socioeconomic pressures, women need to take active part in contributing towards household income, thus, if women are given representation on BOD. then it shall pave way to motivate them to work with more dedication.
An important issue was pointed out by Chairman SECP, Zafar Hijazi and seconded by Zafar Khan was of gender diversity progress in India, who has made it mandatory through legislation by SEBI to have women representation on BODs. Likewise, Chairman SECP Zafar Hijazi stated that in Pakistan, we need to have a paradigm shift towards females working in organization and give them a “Way to move forward“.
Apart from the challenges being discussed on disclosure requirements in the financial statements, regarding the Code of Corporate Governance – emphasis by the participants of the seminar during Q/A session, was made on the disclosures of executive level salaries I compensation be made on a “transparent basis“.
Further, need to have distinction on CEO and Chairman should be implemented in the corporate culture and their roles should NOT be in conflict in terms of their role in strategic decision capacity. However, the need of gender diversity was emphasized by all panel members and who urged the need to have “change in the mind set“ on all levels of the organization, so that women play a pivotal role in catalyzing the economy on ‘Way forward!
Zafar Hijazi addressed the audience in the closing session and answered various queries of the audience. The session concluded with remarks by Hijazi followed by a brief mementos distribution ceremony. In the end, Arslan Khalid, Chairman SRC presented vote of thanks.