“Pakistan adopts new corporate governance rules” – Manifest – November 24, 2017

On November 24, 2017 Manifest reported that Pakistan has a new Companies Act 2017 and new corporate governance regulations approved by the Securities and Exchange Commission of Pakistan (SECP) will come into effect in Pakistan on January 1, 2018.

“The regulations replace Pakistan’s 2012 corporate governance code. Changes in the requirements include decreasing the limit of permissible directorship in listed companies of a director from seven to five. The regulations also aim to strengthen the presence and role of independent directors and company boards will be mandated to have at least two or one-third of the number of directors, whichever is higher, as independent directors.

Additionally, independent directors shall be required to file a declaration confirming that statutory criteria for independence has been duly complied. The regulations will also boost the number of female directors on boards with the requirement that one female director is appointed within one year of notification of regulations or reconstitution of board whichever is later. Additionally, the SECP said that in order to encourage the inclusion of competent female directorship, companies are required to train at least one female executive under the directors’ training programme.”

You may read the article on the Manifest internet site.

“Climate action initiative launches database to drive investment” – Development Finance – November 14, 2017

On November 14, 2017 Development Finance reported that “the Climate Action in Financial Institutions initiative has made public a database of case studies for climate finance projects with the aim of making investments more transparent and encouraging other institutions to integrate climate action in their portfolios.”

The Climate Mainstreaming Practices Database was launched at COP23 in Bonn, Germany.  It “seeks to encourage more institutions to align their deployment of capital with sustainable environmental and economic policies using its signature five-principle framework. These voluntary principles oblige each member to ‘Commit’, ‘Manage’, ‘Promote’, ‘Improve’ and ‘Account’ for their climate action as part of each investment. The database contains examples of such projects, showing how they delivered on the principles and what lessons were learned in the process.”

Representatives of the Development Bank of Latin America (CAF) and the European Investment Bank (EIB) spoke at the launch.  “Felix Bergel, director of institutional funding of CAF, said in a keynote speech: ‘The approaches tools and methodologies developed by some supporting institutions are really innovative solutions: and this is all the purpose of the mainstreaming initiative to share those efforts between the different supporting institutions, but also with all the public and private organisations involved in low-carbon and resilient development.’”

You may read the article on the Development Finance internet site.