Pakistan : Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment

This report provides an assessment of Pakistan's corporate governance policy framework. In Pakistan, awareness of the importance of good corporate governance is high among policymakers and standard setters. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Pakistan. The focus of the assessment is on listed companies, although reference is also made to banks and other financial institutions. Reform to improve corporate governance has been significant, including the introduction of a code of corporate governance and increased vigilance by regulators. Highly concentrated control by significant shareholders has limited the objectivity of boards and reduced the impact of some of the recent reforms. More generally, many smaller and family-owned companies have a limited awareness of the potential benefits of improved corporate governance. Corporate governance reform needs to percolate throughout the corporate sector, including family-owned businesses. The report concludes that further steps need to be taken to protect shareholder rights, including disclosure of beneficial ownership, and that boards must become more effective, with stronger fiduciary duties, and more capable independent directors.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2005-06
Subjects:	ACCESS TO INFORMATION, ACCOUNTING, ACCOUNTING STANDARDS, ACQUISITION, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANIES, ASSOCIATED COMPANIES, AUDIT COMMITTEE, AUDIT COMMITTEES, AUDITING, AUDITORS, AUDITS, AUTHORITY, BANKING SYSTEM, BANKS, BOARD MEMBERS, BOARDS OF DIRECTORS, BUSINESS COMMUNITY, CAPITAL MARKETS, CAPITALIZATION, CEO, CEOS, CHARTERED ACCOUNTANTS, CHIEF EXECUTIVE, CLEARING HOUSES, COMMERCIAL BANKS, COMMON LAW, COMMON LAW COUNTRY, COMPANY, COMPANY LAW, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONFLICTS OF INTERESTS, CONSENSUS, CONTROLLING SHAREHOLDERS, CORPORATE ASSETS, CORPORATE BOARDS, CORPORATE CULTURE, CORPORATE DECISIONS, CORPORATE ENTITIES, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE PRINCIPLES, CORPORATE GOVERNANCE REFORM, CORPORATE GOVERNANCE REFORMS, CORPORATE GOVERNANCE STANDARDS, CORPORATE LAW, CORPORATE SECTOR, CORPORATE STRATEGY, CORPORATION, CORPORATIONS, COST OF CAPITAL, DEBT, DIRECTOR ACCOUNTABILITY, DIRECTOR INDEPENDENCE, DISCLOSURE CONTROL, DISCLOSURE REQUIREMENTS, DUE DILIGENCE, DUTY OF CARE, DUTY OF LOYALTY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, EMERGING MARKETS, ETHICAL STANDARDS, EXCHANGE COMMISSION, EXTERNAL AUDITORS, FAMILY OWNED COMPANIES, FEDERAL GOVERNMENT, FIDUCIARY DUTIES, FINANCIAL CRISES, FINANCIAL DISCLOSURE, FINANCIAL INSTITUTIONS, FIRMS, FOREIGN COMPANIES, FOREIGN INVESTORS, GOOD CORPORATE GOVERNANCE, GOVERNANCE ISSUES, HOUSING, INCOME, INDEPENDENT AUDIT, INDEPENDENT DIRECTOR, INDEPENDENT DIRECTORS, INDEPENDENT OVERSIGHT, INSIDER TRADING, INSTITUTIONAL INVESTORS, INSURANCE, INTERESTS OF MINORITY SHAREHOLDERS, INTERNAL CONTROLS, INVESTMENT BANKS, INVESTOR PROTECTION, ISLAMIC BANK, JOINT STOCK COMPANIES, JOINT VENTURE, JUDICIARY, LARGE COMPANIES, LARGE COMPANY, LEGAL FRAMEWORK, LEGAL SYSTEM, LEGISLATION, LEGISLATIVE REFORM, LIMITED, LISTED COMPANIES, MANAGERS, MANDATES, MERGER, MINORITY SHAREHOLDER, MINORITY SHAREHOLDERS, MULTINATIONAL COMPANIES, NONGOVERNMENTAL ORGANIZATIONS, OPERATING PERMITS, OWNERSHIP CONCENTRATION, OWNERSHIP STRUCTURE, PENALTIES, PENSIONS, POLITICAL INFLUENCE, PRIVATE COMPANIES, PRIVATE LIMITED COMPANIES, PRIVATE PARTNERSHIP, PRODUCTIVITY, PROPERTY RIGHTS, PROPRIETARY, PROXY, PRUDENTIAL REGULATIONS, PUBLIC COMPANIES, PUBLIC LIMITED COMPANIES, PUBLIC POLICY, RATING AGENCIES, REGULATORY AUTHORITIES, REGULATORY ENFORCEMENT, REGULATORY FRAMEWORK, REGULATORY REQUIREMENTS, RETIREMENT, RIGHTS OF SHAREHOLDERS, RISK MANAGEMENT, RULE OF LAW, SAVINGS, SECURITIES LAW, SECURITIES REGULATOR, SHAREHOLDER, SHAREHOLDER ACTION, SHAREHOLDER AGREEMENTS, SHAREHOLDER APPROVAL, SHAREHOLDER INTERESTS, SHAREHOLDER MEETING, SHAREHOLDER RESOLUTION, SHAREHOLDER RIGHTS, SOLE PROPRIETORSHIPS, SOUTH ASIAN, STAKEHOLDER, STAKEHOLDERS, STATE BANK, STATE BANK OF PAKISTAN, STATE ENTERPRISES, STATE OWNED ENTERPRISES, STATE OWNERSHIP, STATE-OWNED ENTERPRISES, STOCK EXCHANGE, STOCK EXCHANGES, SUBSIDIARIES, TAKEOVER, TAKEOVERS, TAX RATE, TAX RATES, TECHNICAL ASSISTANCE, TRANSACTION COSTS, TRANSPARENCY, TRUSTS, VOTING,
Online Access:	http://documents.worldbank.org/curated/en/2005/06/7447775/pakistan-report-observance-standards-codes-rosc-corporate-governance-country-assessment https://hdl.handle.net/10986/8760
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