Company Law – Pakistan Business Council

Amendments to ESG Disclosure Guidelines for Listed Companies

business — Tue, 14 Oct 2025 12:47:12 +0000

Request for Clarification Regarding Applicability of Website DisclosureRequirements

business — Tue, 14 Oct 2025 12:46:28 +0000

Presentation to the Chairman SECP on 17 April 2014

business — Thu, 17 Apr 2014 11:17:29 +0000

PBC Comparative Analysis of The Draft Associations Not for Profit ( Licensing and Corporate Governance) Regulations 2013(SRO 301(I)/2013)

business — Fri, 28 Mar 2014 07:47:25 +0000

In June 2013 the SECP proposed The Draft Associations not for Profit (licensing and corporate governance) Regulations, 2013. The purpose of these regulations is to further define the practices and regulations pertaining to Section 42 companies as defined in the Companies Ordinance 1984. The SECP at various forums has stated that the proposed regulations are in line with those applied to similar companies in other jurisdictions. The research unit at the
Pakistan Business Council (PBC) has prepared a comparison of the various sections and clauses in the proposed Regulation with existing law in other prominent Common Law countries.

Comparative Analysis of Companies (Audit of Cost Accounts) Rules, 1998 with prevailing legislation

business — Fri, 28 Mar 2014 05:39:21 +0000

Disclaimer:
The findings, interpretations, and conclusions expressed herein are those of the Management and do not necessarily reflect the views of the Board of Directors and Members of the Pakistan Business Council or the companies they represent. Although every effort has been made to verify the authenticity of the data used, the Pakistan Business Council does not guarantee the data included in this work.

Law on Large Import Houses

business — Fri, 14 Feb 2014 02:26:30 +0000

Pakistan Business Council was part of a joint taskforce with FBR that measures to promote retail and wholesale trade in the formal sector. The Law on Large Import Houses amends Section 148, requiring large import houses to maintain paid up capital of Rs. 250 M instead of Rs. 100 M, and total assets of Rs. 350M instead of Rs. 100M at the close of the tax year to qualify for non-deduction of tax under section 148.

Review of Proposed Changes to Code of Corporate Governance

business — Fri, 14 Feb 2014 01:44:12 +0000

Pakistan Business Council strongly supports a pragmatic approach to good governance which would be in the interest of all stakeholders. Good governance will improve organizational performance thereby attracting domestic as well as foreign investment and having a favorable impact on the economy

This position paper is a flexible and rationale application of code of corporate governance, taking cognizance of the ground realities and best international practices. PBC maintains its strong support for implementation of a pragmatic code of conduct of corporate governance.

PBC Proposals for Federal Budget 2013-14

business — Thu, 14 Feb 2013 07:51:55 +0000

The Pakistan Business Council:

Established in 2005 by 14 (now 42) of Pakistan’s largest private sector business groups including multinationals.

PBC is neither a trade body nor an industry association. Our advocacy aims to improve the general business climatein the Country.

Advocacy is evidence based drawing on international / regional best practices coupled with what is achievable in our environment.

PBC and its Member Companies will support any effort which will improve the competitiveness of Pakistani industry; the role of Government as envisaged by the PBC is that of a facilitating partner.

The PBC enjoys excellent working relationships with the Ministries of Finance / Commerce / Environment / Industries / Planning Commission and regulators including the SECP / SBP / CCP having worked closely through taskforces / committees / working groups and through submissions of formal position papers and presentations.

Comparison of the SECP Bill 2011 with the SECP Act 1997

business — Thu, 14 Feb 2013 02:15:45 +0000

In October 2011, Dr. Abdul Hafeez Shaikh, the Federal Minister for Finance presented the Securities and Exchange Commission of Pakistan (Regulation and Enforcement) Act, 2011. The “Statement of Object & Reasons” accompanying the Bill reads as “… the evolution of the SECP Act, 1997 has not kept pace with the requirements of the regulatory framework. Resultantly, SECP drafted the proposed Bill which will provide for enhancing the powers, functions and duties of SECP. The proposed Bill intends to regulate and facilitate the capital and financial services market, supervise and control corporate entities”.

This comparison of the proposed provisions of the SECP Bill 2011 with the SECP Act 1997 has been prepared with the objective of highlighting some of the additional powers that the SECP is seeking through this legislation as well as the significant amendments which have been proposed in the existing Act. The underlying purpose of circulating this comparison is to build broad consensus on this important piece of legislation. The Pakistan Business Council (PBC) supports strong and independent regulators with enabling legislation as a prerequisite for a competitive business environment. The PBC however would like each regulator’s domain to be clearly defined and where amendments are proposed in existing legislation to have these debated prior to enactment for better clarity and ease of implementation.

Proposed Amendments in Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations, 2008

business — Thu, 14 Feb 2013 01:00:35 +0000

The Securities and Exchange Commission of Pakistan (SECP) has requested input in the proposed changes to the Takeover Code in Pakistan. The SECP’s request for input along with the proposed changes is attached. The PBC is in the process of developing a position on the proposed changes and invites suggestions from relevant stakeholders.

Arbitration Bill

business — Tue, 14 Feb 2012 02:22:40 +0000

The preceding Arbitration Act of 1940 that governs domestic arbitration in Pakistan has several deficiencies. Under the Act, the parties are relatively free to adopt procedures of their choice with little oversight. With no national arbitral institutions, there are no arbitral rules, except for some formulated by courts within the framework of the Act.

Upon recommendations of PBC, Bill for a new consolidated arbitration law based on the UNCITRAL model law was presented Parliament on 27 April 2009. This Bill aims to consolidate law relating domestic arbitration, international commercial arbitration, recognition and enforcement of foreign arbitral awards as well as settlement of international investment disputes.

Code of Corporate Governance

business — Sun, 14 Feb 2010 02:24:48 +0000

2010 saw major changes being brought into the Code of Corporate Governance by the SECP. Pakistan Business Council took a proactive role to ensure that changes proposed represented international best practices and excellence that can be translated into meaningful and rational code of governing corporate bodies.

A position paper was submitted in November after much deliberation of a working group within PBC that made recommendations regarding proposed changes into Code of Corporate Governance. The hallmark of this position paper was the flexible and rationale applications of corporate governance clauses taking in view Pakistan’s specific economic profile.

Holding Company Law

business — Sat, 14 Feb 2009 07:27:07 +0000

Pakistan Business Council collaborated with CBR, SECP and ICAP on a Holding Company Taskforce with its primary objective of addressing the issue of Group Relief. The proposals were accepted and incorporated into Law in the Finance Act 2007.

Real Estate Investment Trust (REIT) Law 2008

business — Sat, 16 Feb 2008 10:56:11 +0000

Pakistan Business Council was part of a taskforce that proposed setting up REIT regulations in Pakistan. Globally, Real Estate Investments are providing stable avenues for mid-size investors in the form of open-end structures.

PBC worked with SECP to propose recommendations that would eventually result in setting up full fledge Real Estate Investment market. The initial offering on the REIT are close-end structures owing to high redemption and systemic risk. But this may change sooner than expected

Law on Private Equity and Venture Capital

business — Tue, 14 Jan 2003 07:07:14 +0000

Pakistan Business Council remains in an ongoing collaboration with SECP over various legislative drafts aimed at furthering market efficiencies. The Law on Private Equity and Venture Capital has remained in pipeline since as early as 2006 when the first draft was presented by the SECP. After two years of further deliberations, the Private Equity and Venture Capital Fund Regulations were finalized in 2008.

The regulations clearly spell out applicable conditions and obligations of Fund Management Companies and provide basis for punitive actions that can be instigated against them. In absence of such regulations, Fund Management Companies had remained vastly unregulated and consequently predatory and inequitable.