This report assesses Pakistan’scorporate governance policy framework. It highlights recentimprovements in corporate governance regulation, makespolicy recommendations, and provides investors with abenchmark against which to measure corporate governance inPakistan. The report focuses on the governance of large andlisted companies, but includes a special section on thegovernance of public sector companies. The report highlightsthat corporate governance framework for listed companies hasimproved in recent years as the government has enhanced thelegal and policy framework, and key institutions have grownin sophistication and maturity. Much more can be done toaddress corporate governance in Public Sector Companies. Thefindings of the Report on the Observance of Standards andCodes(ROSC) are based on the Detailed Country Assessment(DCA) of the OECD Principles of Corporate Governance, whichis summarized in the tables at the end of each section.According to the World Bank methodology used to assesscompliance with the 72 OECD Principles, 20 Principles werefully implemented, 33 were broadly implemented, 16principles were partially implemented, and three were notapplicable. A comparison with the 2005 Corporate GovernanceROSC shows the level of improvement in the corporategovernance framework; in 2005 out of a total of 32applicable principles, only 4 were fully implemented, 17were broadly implemented, 10 were partially implemented and1 was reported as not implemented. The report (and thissummary) is organized into five sections: The commitment ofthe public and private sectors to reform;Shareholderrights; Disclosure and transparency; Boards of directors andPublic sector companies.
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