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Support
Services Division
Human Resources
Wing
7.1.1 Induction of Qualified Staff
The recruitment process has been formalized in order to make it more objective and
transparent. Selection of suitable candidates is based purely on merit and successful
candidates are offered salaries at rates competitive with the market. Equal opportunities
are given to female applicants. During the year under review, 21 female candidates were
recruited, some at senior positions. This represents one-third of the overall recruitment
for the year and is a significant increase over previous years. In compliance with the
corporate plan, there was an emphasis on recruitment of qualified professionals during the
year. There were 60 new appointments of professionally qualified individuals, of whom 14
were Chartered Accountants, 12 Cost and Management Accountants, 10 law graduates while 24
had other post-graduate degrees. With its renewed vigor and improved public awareness
about its role and responsibilities as an autonomous body, the Commission generated
considerable interest among professionals. This was evident from the interest shown in
jobs advertised by the Commission - applications received from professional accountants,
lawyers and post-graduates against each advertised position averaged more than 200 per
post.
7.1.2 Junior Executives Induction Scheme
The Commission has formulated a Junior Executives Induction Scheme (JEIS) as a starting
point for careers at the Commission. The scheme is designed for highly motivated young
individuals who hold postgraduate degrees from reputable institutions. The selected junior
executives will be placed in major operational areas of the Commission, namely, regulation
of securities market, specialized companies, insurance, enforcement of corporate laws and
administration of the Companies Ordinance. The program will provide excellent opportunity
for professional growth through on-the-job training and exposure to the Commission's
functioning and policies. Each year, five to ten junior executives are expected to join
the Commission under this scheme through a very competitive selection process. The junior
executives will start their assignments with a brief orientation program followed by two
rotations in different Divisions during the first 12 months. During this period, these
officers will get a broad overview of the Commission's working and are expected to make a
notable contribution to the working of their respective Divisions. In addition to working
in the office, the junior executives will also undertake field trips to stock exchanges,
CROs and other relevant institutions. The choice of assignments is based on academic
background, personal preference and Commission's internal staffing requirements. After
successful completion of assignments in the first year, and based on their evaluation,
these officers would be offered permanent positions in different Divisions. In a pilot
phase of this scheme, 10 junior executives were hired by the Commission this year.
However, the formal launching of the newly designed JEIS will take place in the financial
year 2002.
7.1.3 Training Programs
The Commission is emphasizing staff training as an integral part of its program to build
institutional capacity. To this end, the Human Resources Wing arranged well-developed and
comprehensive training programs for officers of the Commission. These programs were
intended to supplement on-the-job training and aimed at updating the professional
knowledge and expertise of the officers, in order to enable them to discharge their
responsibilities efficiently and effectively. The training courses were designed and
conducted in-house as well as in collaboration with recognized academic and professional
institutions.
Training courses and sessions arranged during the year included the following:
i. An exclusive Staff Development Program was held in March 2001 in collaboration with the
Lahore University of Management Sciences (LUMS) for about 30 middle and junior cadre
officers of the Commission. The Program was conducted at LUMS and covered topics relating
to accounting, stock market regulations and corporate laws.
ii. A series of in-house Information Technology Training Programs for officers and staff
were conducted by the IT Wing in which 75 officials at headquarters and 67 officials at
regional offices were imparted training in basic and intermediate computer skills,
including use of Windows and Microsoft Office.
iii. A training program, titled The Cutting Edge of Performance was held in July 2000 by
the Organization Development Group. The program was attended by officers of the Commission
and provided meaningful information regarding managerial practices to improve corporate
performance.
iv. A Computer Learning Program was conducted at the National Training Bureau in October
2000 to impart computer skills to the officers of the Commission.
v. A National Workshop on Office Automation was held in November 2000 by the Management
Services Wing of the Cabinet Division to acquaint the participants with core automation
packages such as database management.
vi) Short term Computer Courses were carried out under the IT Training Program for
Government officials at the Pakistan Computer Bureau. The Courses were held in February
2001.
The Commission also arranged overseas training for its officers in order to keep them
abreast with international developments on regulatory and institutional activities. The
major training sessions held abroad were the 2000 IOSCO Training Program, held in Canada;
Regional Training Program on Investigation, Enforcement and Prosecution, held in
Indonesia; the APEC Financial Regulators Training Initiative Regional Seminar -
Supervision of Market Intermediaries, held in Philippines; and a training course on
Overview of Financial Sector Issues and Analysis, held in USA. Officers of the Commission
who availed foreign training facilities were encouraged to share the relevant information
and experience gained through such visits with their colleagues through follow-up seminars
organized in-house.
As a part of on-going institutional strengthening, the Human Resources Wing plans to
organize training courses and workshops throughout the following year on topics including
Change Management, Financial Analysis and International Accounting Standards, Securities
Market Regulation and Time Management.
The Commission also participated in a series of seminars and conferences to ensure that
effective dialogue takes place between the regulator and the corporate sector. During the
year, the Human Resources Wing arranged participation of nominated officers of the
Commission in the following significant seminars and conferences, locally as well as
abroad:
IFAC-IT Committee - SAFA Joint Conference and Golden Jubilee Seminar in November 2000, in
Lahore;
Golden Jubilee Seminar by the Institute of Cost and Management Accountants of Pakistan
(ICMAP) in September 2000, in Karachi;
Seminar on International Public Sector Accounting by ICMAP in February 2001, in Islamabad;
6th Annual Conference on Alternative Structures for Securities Market, sponsored and held
by Georgetown University, Washington DC in September 2000; and
Workshop on Non-Bank Financial Institutions Development and Regulation in February/ March
2001, in Washington DC.
7.1.4 Staff Welfare and Development
A Service Manual with a private sector orientation has been developed and implemented and
includes guidelines on appointment and promotion, pay scales and allowances, training and
career planning, terminal benefits, medical facilities, retirement and dismissal as well
as conduct, efficiency and discipline. The manual was reviewed during the course of the
year and amendments are being proposed by way of further improvement rendering it more
conducive to staff development and welfare.
A Manual of Human Resources Policies and Procedures is being developed that will document
the significant policies formulated by the Commission for guiding decisions and actions in
the Human Resources Wing. In addition, an Operations Training Manual is being compiled to
present the legal framework and procedural guidelines applicable to the respective
functions of the Commission. These manuals are designed to assist employees in the
effective discharge of their duties and responsibilities.
The format of a new performance evaluation report has been introduced based on
international best practices. The process of performance assessment has been made more
participatory and meaningful and is expected to result in a more objective basis for grant
of promotions and increments.
7.2 Administration Wing
The Administration Wing is entrusted with the responsibility of handling matters
relating to purchase and lease of vehicles, equipment, furniture and fixtures; hiring and
maintenance of office premises; transportation; administration of the Receipt and Issue
branch of the Commission; printing; and maintenance of record and library. It has been
working actively to provide an adequate level of administrative services to the
Commission.
A manual of Administrative Policies and Procedures is under preparation by a team of
consultants hired under a technical assistance project of the ADB. This manual will
present the policy framework and procedural guidelines applicable to the administration
function. It will include, in documented form, significant policies formulated by the
Commission from time to time for guiding decisions and actions in administration related
activities and will describe the procedures to be followed by the Divisions in
implementing the prescribed policies.
7.3 Finance and Accounts Wing
7.3.1 Finance and Accounts Wing
The Finance and Accounts Wing is primarily responsible for preparation and
maintenance of the books of account of the Commission. It has implemented an effective
accounting system for the purpose. A multi-user accounting software relating to General
Ledger, Fixed Assets and Payroll is also being implemented and will help to further
streamline the functions of the Wing. A sound system of internal control has been
developed and policies and procedures aimed at safeguarding the interests of the
Commission have been put in place. These policies and procedures have been documented in
the form of an 'Accounting Procedures and Policies Manual' and 'Purchase Policy'.
7.3.2 Financial Statements and Budgetary Reports
The financial statements of the Commission for the financial year 2000-2001 were
audited by the joint auditors, A.F. Ferguson & Co., Chartered Accountants and Taseer
Hadi Khalid & Co., Chartered Accountants, and submitted to the Federal Government
within the statutory time limit.
Budget for the financial year 2001-2002 was duly prepared by the Finance and Accounts
Wing, cleared by the Commission, and its approval obtained from the Policy Board under
Section 24 of the Act.
With the implementation of the new accounting system, it is expected that the reporting
system of the Wing will improve significantly.
