ISLAMABAD:
The Securities and Change Fee of Pakistan (SECP) has issued show-cause notices to 41 state-owned enterprises (SOEs) for failing to submit their annual audited accounts and annual returns.
Hearings for the non-compliant entities have been scheduled, in response to an SECP press launch issued on Tuesday. The motion is a part of ongoing efforts to enhance transparency, strengthen company governance and help the federal government’s reform agenda aimed toward enhancing accountability within the SOE sector.
The SECP discovered that 33 SOEs had not filed their annual audited accounts, whereas 26 firms didn’t submit their annual returns. As well as, seven firms didn’t maintain Annual Normal Conferences. In complete, 66 show-cause notices have been issued to 41 firms.
Following due means of regulation, the fee will conclude the proceedings and problem penalty orders after adjudication. The names of non-compliant SOEs can be printed on the fee’s web site. Copies of the orders can even be shared with the related Principal Accounting Officers and the Director Normal of the Central Monitoring Unit.
Individually, the State Life Insurance coverage Company has not submitted its audited monetary statements for the yr ended December 31, 2024. The SECP has written to the chief govt officer of the company, directing speedy submission of the accounts. It has warned that regulatory motion will comply with if the requirement shouldn’t be met.
The overview additionally recognized governance gaps in board composition. Forty-eight SOEs at present haven’t any feminine illustration on their boards regardless of the SECP laws requiring the presence of girls administrators.
The fee is writing to the Principal Accounting Officers of the related ministries to lift the matter with board nomination committees to make sure the appointment of feminine administrators.
As well as, 4 SOEs are working with out appointed CEOs. The SECP has suggested the involved entities to fill these positions on the earliest.
