Corporate Governance
“Corporate Governance” came into universal lexicon only in the 1970s, high profile corporate failures in the developed economies in the early 1990s making the use more common. Framing of the code in Pakistan in March 2002 had decided impact on the way companies are presently being governed. The State Bank of Pakistan (SBP), in partnership with International Finance Corporation (IFC) and Pakistan Institute of Corporate Governance (PICG), hosted a one-day conference on “Corporate Governance in Banks” for Board Members, Presidents and senior executives of Banks and DFIs, to apprise them of the rationale and approach of Board of Directors in implementing “Good Corporate Governance”. Presided over by the Governor SBP Ms Shamshad Akhtar, this welcome initiative brought home to the participants the parameters of their corporate job descriptions and the modus operandi for executing their responsibilities. Suggestions and reservations proliferated in the inter-active Session. Dr Ishrat Hussain, the previous Governor SBP, may be a difficult act to follow, it was refreshing to see the new lady on the block not only confidently handling things in an adroit and knowledgeable manner, but holding her own in her own right. The SBP baton has been passed onto safe hands!
