The Privatisation and Corporatisation Board (PCB) has announced its intention to take disciplinary action against directors of government-owned companies found in violation of the newly established code of conduct, which will be published on its website and social media platforms.
PCB has recently formulated a code of conduct specifically for directors of government-owned companies. PCB has officially approved a set of guidelines detailing the procedures for addressing complaints from various sources regarding breaches of the Standards of Directors of State-Owned Companies Act. Apart from the company to which the director is affiliated, both the government and the public are eligible to file complaints against a director. The code of conduct also delineates the process for reporting violations to the PCB, the actions to be taken, and the procedural steps to be adhered to during the disciplinary process.
Furthermore, PCB has been granted the authority to temporarily suspend a director pending the completion of investigations as per the stipulations outlined in the regulation. Upon conclusion of the inquiry into a director's case, a comprehensive report is submitted to PCB, and appropriate action is mandated based on the severity of the offense. Disciplinary actions to be taken include the participation in a training programme facilitated by PCB, issuance of written advice, issuance of a written warning, and dismissal. Further details of the actions will be disseminated through the PCB website and social media platforms.