KARACHI:Undocumented economy is the main issue for the corporate governance in Pakistan, most of the companies are involved for delaying their audits and not following the dates of the Boards meeting.
It is also prevalent to perform specific act without getting the relevant resolutions approved by the Boards. This was stated by Associate Professor, Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology, (SZABIST) Dr. Jawaid Ahmed Qureshi while addressing a seminar on “Corporate Governance” organized by Directorate of Research and Projects, Mohammad Ali Jinnah University, Karachi (MAJU).
Prof. Dr. Manzoor Ali Israni of Management Sciences Faculty, SZABIST also addressed the seminar. From MAJU, Associate Dean, Business Administration and Social Sciences, Dr. Shujaat Mubarak, Director, Research Projects, Dr. Muhammad Asif Qureshi, Director, CELDD, Shahzaib Aijaz and Sr. Faculty members Rana Tariq Mahmood, Salman Hameed and Shafiq Ur Rehman were also present on this occasion.
Addressing the seminar, Dr. Jawaid Ahmed Qureshi said that a strong corporate governance might result in better investment opportunities for local firms in respect of getting foreign direct investment in today’s global economy. He also elaborated how local firms may be able to turn around their fortunes and improve their governance as well as profit.
Dr. Manzoor Ali Israni in his speech highlighted technology adaptation as a key factor to identify the right skillful talent to fulfil the short term and long terms goals by local firms. He emphasized that Security Exchange Company Pakistan (SECP) should adopt Document Management system (DMS) for the collection of all documents such as details Annual General Meetings, (AGM) Boards meetings and annual accounts of all firms.
He further said that online payments could facilitates the companies far better for getting the different process done from the SECP. He pointed out that present online system is used only print out the challan, which has to be paid manually which is tedious. He urged that corporate leaders should be a man with a high cadre and high morals to shine out as a natural leader.
Later on shield were presented to guest speakers by Associate Dean, Business Administration and Social Sciences Faculty, Dr. Shujaat Mubarak.