The Competition Commission of Pakistan (CCP) and the Pakistan Institute of Corporate Governance (PICG) on Tuesday signed a Memorandum of Understanding (MoU) on cooperation, collaboration, and capacity development for strengthening corporate governance and competition compliance in Pakistan.

The MoU was signed by the CCP Chairperson Ms. Rahat Kaunain Hassan and PICG Chief Executive Officer Ahsan Jamil in a ceremony at the CCP’s head office in Islamabad. The ceremony was also attended by Chairperson PICG Board of Directors Dr. Shamshad Akhtar, CCP members Shaista Bano, Bushra Naz Malik, Mujtaba Ahmad Lodhi, and other senior officers.

Addressing the occasion, the CCP Chairperson welcomed the support of PICG in joining hands with the CCP through the signing of the MoU. She stated that corporate governance and competition principles are intertwined. There is a commonality of objective in that both regulate human behavior and promote fair play, she added.

She further stated that the collaboration aims to promote good governance, ensure corrective behavior and sustainable compliance through advocacy measures and training for the corporate sector. In the face of the increasing complexity of corporate arrangements, this would help create awareness of the internal and external drivers of collusion or anti-competitive practices. It would also enable the corporations towards better strategic planning, she added.

Dr. Shamshad Akhtar, in her remarks, said that the PICG board has envisioned bringing a new dynamism in the PICG to improve corporate governance in Pakistan. She welcomed the signing of MoU between PICG and CCP, saying that the prevailing conditions in public and private sectors require more such partnerships. “I am delighted to have the opportunity to work with the Competition Commission of Pakistan. This MoU will greatly help to reinforce the respective mandates of CCP and PICG,” she said.

Ahsan Jamil in his remarks said that the importance of free and fair competition for productivity, exports growth and global competitiveness cannot be overstated. Similarly, good corporate governance is beneficial for businesses as it reduces cost, ensures fair play and protects businesses from undesirable outcomes. PICG is looking forward to working with CCP in promoting good corporate governance and competition law compliance. He mentioned several initiatives that PICG is taking to improve corporate governance in Pakistan.

The MoU will not only allow both parties to exchange information on pertinent issues, but also work together in undertaking advocacy, research, and training initiatives to promote public awareness of the Competition Act and the Listed Companies (Corporate Governance) Regulations, 2019.

The collaboration aims to improve awareness of the competition law landscape and a commitment to compliance within organizations. Furthermore, both parties will hold collaborative sessions on competition law, promoting compliance and organizational governance, and assist each other in matters of mutual interest for better implementation of their respective mandates.

Source: Pro Pakistani