Corporate Governance
One of the better initiatives of the State Bank of Pakistan (SBP) is to encourage financial institutions to adhere to the “Code for Corporate Governance“ framed in 2002. While SBP is mostly concerned with monitoring financial institutions, the code is applicable for all corporate entities. The most tangible step has been the establishment of the “Pakistan Institute of Corporate Governance” (PICG). Appointing Zahid Zaheer, a respected senior corporate executive of proven great ability and experience as its Head showed positive intent and seriousness of purpose. Hopefully PICG will train independent directors structured corporate responsibility, and they in turn will translate this into ensuring viz (1) a fair return for the investors and (2) a merit-oriented professional environment for all the employees.
