Stocks Observer. com

The Securities and Exchange Commission of Pakistan (SECP) has formulated the draft Public Sector Companies (Corporate Governance) Regulations, 2012 in order to improve the governance framework of Public Sector Companies (PSCs). These draft regulations have principally been based upon the Code of Corporate Governance, which has been customized in the context of PSCs in the light of the OECD’s Guidelines on Corporate Governance of SOEs. PSCs are public sector enterprises, operating in corporate form, which are directly or indirectly owned and controlled by the government, whether federal, provincial or local.. The draft regulations have been placed on the SECP website ( www.secp.gov.pk ) for soliciting the opinion, comments and suggestions from stakeholders and the public. These regulations have been designed in view of the distinct governance challenges faced by the PSCs in Pakistan. T he inefficiency of such companies is choking the economy and draining fiscal r...