“As the apex regulator of the corporate sector and capital markets in Pakistan, SECP facilitates an inclusive economic and work environment”, said SECP Chairman Akif Saeed. He informed that females in senior management positions at SECP now account for 38% while 51% of all new recruitments in the last year have been females. Likewise, maternity leave has been extended from 90 days to 180 days.
SECP chairman made these remarks while addressing the gathering at Annual Global Diversity, Equity & Inclusion Benchmarks Awards 2023. He said that Companies Act, 2017 formally addressed the topic of diversity and inclusivity for the first time followed by subsequent Listed Companies (Code of Corporate Governance) Regulations, 2019.
SECP has formulated a comprehensive action plan to ensure Diversity, Equity and Inclusion, including but not limited to ensuring female representation in all management/executive committees as well as new recruitments. Likewise, in terms of policy reforms, SECP has introduced reforms in code of corporate governance, mandating listed companies to have at least one female director on board, said Akif Saeed in his speech.
The requirement to mention husband’s name by a married woman or widow for registration of a company has also been abolished, while an enabling framework has also been put in place for issuance of gender bonds, and encouraging boards of listed companies, NBFCs and Insurance companies to implement Gender Diversity Policies and keep track of gender disaggregated data.
As a result of these reforms more than 6,000 companies that got registered since January 2015 are being headed by women as CEOs. Moreover, 87% listed companies have women directors on board. Secured Transaction Registry have provided financial facilities to 2,364 businesses owned by women and nearly 72% of borrowers in non-banking microfinance companies are female.
