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030708
SECURITIES AND EXCHANGE
COMMISSION OF PAKISTAN
Circular No. 15 Reference No. CLD/CO/Amndt/2001
July 08, 2003
Appointment of Whole Time Company Secretary.
A new section 204A has been inserted in the
Companies Ordinance, 1984 through the Companies (Amendment) Ordinance, 2002
which provides that a listed company shall have a whole time secretary and a
single member company shall have a secretary possessing such qualifications as
may be prescribed. It is clarified for the information of all concerned that the
words “whole time secretary” in relation to a public listed company means a
“full time employee” designated as secretary to perform this specific
assignment. The listed companies are required to appoint full time secretary and
duties of secretary may not be assigned to any other officer of the company in
addition to his own duties and responsibilities. However, a whole time secretary
can be assigned additional job if the management considers it appropriate.
2. The objective of mandatory appointment of a whole time company secretary is
to ensure compliance with statutory provisions of all corporate laws applicable
to listed companies and to integrate the wide ranging duties and
responsibilities associated with this important position. It is hoped that the
mandatory provision about appointment of a whole time secretary will work as a
driving force for good corporate governance.
3. It may be noted that a single member company is also required to have a
company secretary but such company does not necessarily require a whole time
secretary.
4. In order to achieve the purpose of present legislation and amendments in the
Companies Ordinance, 1984 the qualification of company secretary is being
prescribed and the single member company rules are under process of issuance.
(Haroon Sharif)
Executive Director (CL)
Distribution
1. The President, Institute of Chartered Accountants of Pakistan, Karachi.
2. The President, Institute of Cost & Management Accountants of Pakistan,
Karachi.
3. The President, Federation of Pakistan Chamber of Commerce and Industry,
Karachi.
4. The Presidents, All Chambers of Commerce and Industry.
5. All firms of Chartered Accountants / Cost and Management Accountants
6. All Officers of SEC.
7. All Company Registration Offices.
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