Islamabad (HRNW)-\u00a0In 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
According to the SECP spokesperson, a dedicated wing has been established to monitor compliance in government companies and provide guidance to improve regulatory standards.<\/p>\n
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