A person who, directly or indirectly holds more than one percent voting rights in a listed company shall not be eligible to act as independent director of that company.
The Securities and Exchange Commission of Pakistan (SECP) has issued an S.R.O.1639(I)/2024 to issue draft amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2019 on Wednesday.
According to the notification, it shall be mandatory for the chief executive officer and the directors of a company, representing 1/3 of the board size or four whichever is greater, to attend its general meeting(s) (ordinary and extraordinary) unless there are compelling reasons for not attending the meeting, which should be notified in writing to the company secretary/ chairman of the Board in advance.
The chairman of the Board is encouraged to take necessary steps for recording the entire proceedings of the general meeting(s) by audio and visual which shall be archived and made available to the Commission and PSX when required, SECP added.
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