Karachi: It has been noticed that some listed companies are holding meetings of their Boards of Directors (the Board) outside Pakistan. This practice on part of such companies leads to undue wastage of resources of companies.
2. The Securities and Exchange Commission of Pakistan (“the Commission”) hereby directs that all listed companies incorporated in Pakistan, if required, can hold board meetings abroad, in a financial year, as per the thresholds prescribed below:
|i.||Companies having more than 50% foreign shareholding||Maximum 4 Board meetings|
|ii.||Companies having more than 40% but not greater than 50% foreign shareholding||Maximum 3 Board meetings|
|iii.||Companies having more than 30% but not greater than 40% foreign shareholding||Maximum 2 Board meetings|
|iv.||Companies having nil or upto 30% foreign shareholding||Maximum 1 Board meeting|
3. All listed companies shall ensure compliance with the above mentioned thresholds for holding their board meeting subsequent to the date of this circular.
1. Chairman of Stock Exchange, Karachi/ Lahore/Islamabad
2. The President, Institute of Chartered Accountants of Pakistan
3. The President, Institute of Cost and Management Accounts of Pakistan
4. The Institute of Corporate Secretaries of Pakistan
5. All officers of the Commission
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136