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Institute of Chartered Accountants of Pakistan organises seminar on rules of corporate governance for public sector companies

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Islamabad, April 23, 2014 (PPI-OT): A seminar on “Rules of Corporate Governance for the Public Sector Companies” hosted by the CPD Committee Islamabad/Rawalpindi of Institute of Chartered Accountants of Pakistan (ICAP) in collaboration with World Bank was arranged in Islamabad Serena Hotel. The purpose of this joint effort was to stress the need of adopting corporate governance models for Public Sector Companies.

The Session Chairman was Mr. Mohammad Zubair, Minister of State for Privatisation who gave a detail overview of the challenges being faced by the public sector companies and the roadmap to the Privatisation.

He also highlighted various aspects of the seminar topic that came under discussion. Mr. M. Ali Latif, Chairman CPD Committee Islamabad/Rawalpindi, gave a brief background of the seminar topic. He informed that in Pakistan, escalating losses of Public Sector Companies estimated at Rs. 500 billion per annum are one of the major problems causing economic slowdown.

The key note speaker was Syed Asad Ali Shah, Past President ICAP and Partner of M. Yousuf Adil Saleem and Co. Chartered Accountants, a Member of Deloitte Touches Tohmatsu Limited. He gave a detailed presentation on the Seminar topic covering its background as well as the specifics along with sharing his expert views on the practical implementation of these Rules. The presentation was very well received by the participants as it contained comprehensive material on the seminar topic.

A panel discussion followed the keynote speech wherein Mr. Abdullah Yusuf Chairman, Independent Power Producer’s Advisory Council , Mr. Nazir A. Shaheen Executive Director Corporatization and Compliance Department, Securities and Exchange Commission of Pakistan, Mr. Aftab Ahmad Director, Audit and Advisory, Naveed Zafar Ashfaq Jaffery and Co. Chartered Accountants, Ms. Rahat Kaunain Hassan Senior Partner – Hassan Kaunain Nafees Legal Practitioners and Advisors, and Mr. Muhammad Naveed Iftikhar, Governance Specialist – Economic Reforms Unit Ministry of Finance participated as panelists.

Mr. Moin Fudda, Country Director, Center for International Private Enterprise acted as moderator for the discussion. The keynote speaker Syed Asad Ali Shah also joined the panel. The panelists shared some interesting and relevant personal experiences which provided an opportunity to the participants to enjoy some lighter moments in an otherwise serious discourse.

The elite panel ended up having most useful discussion thereby providing excellent knowledge to .the participants on different facets of the seminar topic. The panel discussion was followed by a lively Q and A session. Mr. Rafqat Hussain, CPD Convener NRC, closed the session with a vote of thanks.

For more information, contact:
Muhammad Rafiq
Media Coordinator
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Phone: +9221 111-000-422
Fax: +9221 99251626
Cell: 0300 2128185

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