Announcing a major initiative of the SECP to facilitate business community here at a seminar, Muhammad Ali said that the SECP is in the process of creating a "web-forum". Every stakeholder would be provided an opportunity to submit his comments on the new laws and rules with the help of "web-forum". The consultation will be done electronically through Net under the umbrella of "web-forum".
It would be a major change to approach the policy makers with the help of "Web-Forum" which would be used as an effective mechanism for consultation of the stakeholders. In this regard, the SECP has given approval of the "web-forum" concept. He clarified that the businesses are actively consulted before finalisation of new laws and regulations. For example, the SECP had carried out active consultation for over one year before finalization of the Code of Corporate Governance. "Active consultation process does happen in Pakistan", he added.
The national and international participants of the workshop on "Plural Business Partnerships for Peace: Perspectives from Pakistan" jointly organised by Sustainable Development Policy Institute (SDPI), Responsible Business Initiative (RBI) and International Alert welcomed the SECP's initiative of "Web-Forum". Muhammad Ali further shared that a mega conference is being organised to bring together all decision makers, corporate thinkers, political thinkers and social leaders under one roof to brainstorm the way forward for mutual co-operation and find out avenues and means to chalk out the way forward for development.
About the Audit Oversight Board, Chairman SECP said that aligned with the objective of introducing a culture of good governance, the SECP is actively engaged in establishing an Audit Oversight Board for the independent supervision of the auditing profession, which will bring in greater transparency. The statutory auditors are the first point of oversight in the affairs of business. This makes them a crucial lynchpin in any efforts to ensure that the managements of corporate entities conduct themselves in a responsible, transparent and accountable manner.
Responding to a query, SECP Chairman said that good governance is the key to increasing investor confidence, bringing in greater investments, minimising stakeholder friction and reducing corruption. There is a tendency among communities to view commercial Corporate Social Responsibility (CSR) initiatives as having "hidden agendas" and serving the businesses' vested interests.