Efforts being made to improve the Corporate Law, says Asad Umar

ISLAMABAD: Federal Finance Minister Asad Umar has said that efforts are being made to improve the corporate laws in the country, ARY News reported on Monday.

Speaking at a gathering here Umar said that the corporate sector will be organized on the modern lines.

Asad Umar said that the lack of governance has affected performance of the institutions adding that the country needed people having expertise in the corporate sector.

Comparing the public and private sectors, federal minister said that the procurement in private sector is rapid and without hassle, while in public sector under the PEPRA rules  the procedures for procurement are quite complex. He said we have now got the cabinet approval to change the multilateral procurement rules.

“We are required to give attention to this situation,” the finance minister said. “We have to encourage the Listed Companies,” he further said.

Finance Minister Asad Umer urged the regulators including the Securities and Exchange Commission of Pakistan and Pakistan Stock Market to fully facilitate the corporate sector in order to enhance its productivity and contribution to the economy, the state radio said in its report.

Addressing a ceremony pertaining to the corporate sector, finance minister said corporate laws are being amended to improve business environment in the country.

The fundamental operating procedures for the corporate sector will also be changed to achieve the desired goals, he said.

He said the government is focussing to improve governance in public sector enterprises.