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Code of Corporate Governance under the new Companies Act 2017
Listed Corporations in Pakistan
In an attempt to address gender-equality, the Securities and Exchange Commission Pakistan (SECP) issued a Code of Corporate Governance for listed corporations in 2019. The 2019 Code is predominantly based on a ‘comply or explain’ approach, reserving certain subjects as ‘mandatory’. Under the Code, it is ‘mandatory’ for every board to have at least one female director, failing which listed corporations risk being financially penalized.
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