CCP, PICG sign agreement

KARACHI: The Competition Commission of Pakistan (CCP) and the Pakistan Institute of Corporate Governance (PICG) have signed a MoU for strengthening corporate governance and compliance, a statement said.

CCP Chairperson Rahat Kaunain Hassan and PICG Chief Executive Officer Ahsan Jamil signed the memorandum of understanding (MoU) in a ceremony at the CCP’s head office in Islamabad.

CCP Chairperson Rahat Kaunain Hassan welcomed the support of PICG in joining hands with the CCP through signing of the MoU.

She said that the collaboration aims to promote good governance, ensure corrective behaviour and sustainable compliance through advocacy measures and training for the corporate sector.

In the face of the increasing complexity of corporate arrangements, this would help create awareness on the internal and external drivers of collusion or anti-competitive practices, while enabling the corporations towards better strategic planning, she added. Dr Shamshad Akhtar said that the PICG board has envisioned to bring a new dynamism in the PICG with the aim to improve corporate governance in Pakistan.

“I am delighted to have the opportunity to work with the Competition Commission of Pakistan. This MoU will greatly help to reinforce the respective mandates of CCP and PICG,” she added

PICG Chief Executive Officer Ahsan Jamil said that the importance of free and fair competition for productivity, exports growth and global competitiveness cannot be overstated.

Similarly, good corporate governance is beneficial for businesses as it reduces cost, ensures fair play and protects businesses from undesirable outcomes. PICG is looking forward to working with CCP in promoting good corporate governance and competition law compliance, he added.

Jamil mentioned several initiatives that PICG is taking to improve corporate governance in Pakistan including a strong Small and Medium Enterprises (SME) governance focus, the co-creation of an ESG Task Force and forging a corporate Governance research agenda.

Chairperson PICG Board of Directors Shamshad Akhtar, CCP Members Shaista Bano, Bushra Naz Malik, Mujtaba Ahmad Lodhi, and other senior officers were also present at the occasion.

The MoU will not only allow both parties to exchange information on pertinent issues, but also work together in undertaking advocacy, research, and training initiatives to promote public awareness of the Competition Act and the Listed Companies (Corporate Governance) Regulations, 2019.

The collaboration aims to improve awareness of the competition law landscape and a commitment to compliance within organisations.

Further, both parties will hold collaborative sessions on competition law, promoting compliance and organisational governance, and assist each other in matters of mutual interest for better implementation of their respective mandates.