Islamabad (HRNW)- In a major step toward improving governance in public sector companies, the Securities and Exchange Commission of Pakistan (SECP) has taken strict action over regulatory compliance issues.
According to reports, the SECP has issued 66 show-cause notices to 41 companies for violations of company laws. The commission revealed that 33 companies failed to submit annual audited accounts, while 26 companies did not file annual returns.
Additionally, 7 companies did not hold annual general meetings, and 4 public sector companies are operating without a Chief Executive Officer (CEO). The SECP also highlighted that State Life has not submitted its financial statements for the year ending December 2024.
The commission stated that legal action will be taken following the notices, and fines will be imposed where necessary. It also warned that the names of non-compliant government companies will be published on its official website.
In a separate concern, the SECP pointed out that 48 government companies have no female representation on their boards, directing authorities to ensure the appointment of women directors.
According to the SECP spokesperson, a dedicated wing has been established to monitor compliance in government companies and provide guidance to improve regulatory standards.
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