Good corporate governance vital for uplift

Pakistan Observer

Sunday, March 24, 2013 – Lahore—About eighty-five businesses being run by families in the United States and European Union are quite successful mainly because of implementation of true corporate governance that is a key to growth and helps minimize wastages, as it leads to a good flow of capital minimizes corruption, risks and mismanagement besides lowering capital costs.

It is imperative in a growing economy to boost investors confidence and good corporate governance leads to greater confidence. This was the upshot of speeches and presentations made at one-day training workshop on corporate governance jointly organized by the Lahore Chamber of Commerce and Industry (LCCI) and International Finance Corporation (IFC). [EXPAND Read more]

LCCI President Farooq Iftikhar, former LCCI president Tariq Hameed, Mohsin Ali from IFC, LCCI Executive Committee Member Shoaib Zahid Malik and Convener LCCI Standing Committee on Corporate Governance Altaf Hussain Turabi were also present on the occasion.

The speakers shared their experiences with the audience regarding benefits of corporate governance and family owned businesses. They said that the companies that have good corporate governance structures always perform better than those that have weak governance structures.

Speaking on the occasion, Farooq Iftikhar said that corporate governance is an increasingly important area of focus for stakeholders in all organizations and particularly those listed on publicly traded exchanges. He said that compliance with applicable laws and regulations while establishing effective management systems in line with international standards require serious commitment on the part of entrepreneurs and proper guidelines to be provided by institutions like LCCI and IFC.

Due to the ever changing societal norms, increasingly complex business environment and the recent corporate collapse of companies around the globe, corporate governance has emerged as an imperative issue at the forefront of organizational concerns. [/EXPAND]