Good governance on the rise: survey

KARACHI: The Pakistan Institute of Corporate Governance (PICG) has successfully completed a survey on ‘Board Composition, Practices and Remuneration 2016’ of both listed and unlisted companies in the country, a statement said on Wednesday. 

“It is encouraging to note from the results of the survey that companies have come a long way and are generally adopting good governance measures, and are moving towards aligning their board practices with applicable corporate governance directives and principles,” Feroz Rizvi, president and CEO PICG said. 

“The survey was conducted to obtain a better understanding of the current state of board practices in Pakistan; needs and challenges faced with regard to corporate governance.” 

Rizvi added that there are, however, areas where progress could be much better. 

“These areas include gender and age diversity on boards, identification of appropriate independent directors, to add value to the overall functioning of the board, clarity with respect to evaluation procedures of the board and its committees, along with transparency relating to remuneration procedures and policies, and regular orientation and directors training to enhance performance of the board,” said he.