The Privatisation and Corporatisation Board (PCB) has announced the introduction of a Governance Award aimed at incentivising state-owned enterprises (SOEs) to strengthen their management systems. The award seeks to recognise firms that demonstrate exceptional performance in management while encouraging others to follow suit.
PCB's Secretary General, Ahmed Yameen, revealed that the rules and regulations for the Governance Award have been formulated and shared with companies. An independent committee established by PCB will be responsible for granting the award to companies that meet the set standards, ensuring compliance with the Corporate Governance Code through annual reviews.
Yameen further explained that the establishment of the committee is currently underway, and decisions have been made to interview senior members of the companies following visits by the Award Committee. This process aims to ensure that the awards are given to the most deserving companies in a fair manner.
Companies meeting the criteria will be awarded by the end of this month after completing the necessary pre-awarding procedures.
PCB has been proactive in strengthening the management systems of companies, emphasising good governance to earn the trust of the public. Initiatives include the introduction of a Code of Conduct for Directors and guidelines for investigating and addressing cases and complaints, ensuring appropriate action is taken when necessary.