Pakistan keen to join OGP for accountability, transparency

International convention on anti-bribery

ISLAMABAD: Finance minister Ishaq Dar said on Wednesday Pakistan is likely to join the Open Government Partnership (OGP) -- an international convention on anti-bribery  -- for more accountability and transparency in government functions.

“The ministry (finance) has been given the lead role to work out details in this connection,” Dar said at a seminar organised by the Securities and Exchange Commission of Pakistan (SECP) on Companies Bill, 2016.

The OGP is an initiative between 70 countries set up in 2011, aimed at promoting transparency in government and tackling corruption, with member countries required to produce a national action plan every two years.

“Pakistan has already signed OECD (Organisation for Economic Cooperation and Development) convention on tax matters to check evasion, which would be operationalised in early 2018.”

Dar said all such measures showed present government’s commitment to introduce transparency and good governance in the country. “These steps will enhance Pakistan image as a sovereign and prestigious country.”

The minister also inaugurated the “swift incorporation system” under the new Companies Ordinance, 2016. Under the new system companies which apply for the incorporation will be provided the incorporation certificate within the same day.

“We are celebrating this day after a long and exhaustive exercise done by SECP," Dar said. The minister highlighted the importance of updating the companies' law from time to time for incorporating the new developments taking place in the world.

“The new Companies Ordinance has the elements to regulate and facilitate the business in the country,” he added. “Broad consultation with all the relevant stakeholders has been done and it is a sign of satisfaction that till now no objections have been raised on the new Companies Ordinance, 2016.”

The minister said the government is ready to take suggestions from the members of the parliament and business community to bring in valuable changes as the bill has been laid in the parliament for discussion.  

He emphasised the need for more such awareness raising seminars for the new law and urged the professional bodies to take the lead in this regard.

Zafar Hijazi, chairman of SECP said the new ordinance lays more emphasis on transparency and information sharing as the new law makes it compulsory to declare beneficial ownership by the directors of the companies.

“Around 60,000 notices have been served to the companies all around the country to share the information and this development speaks volumes about the effort made by the SECP,” Hijazi said.

Former SECP chairman Tariq Hassan said the comprehensive nature of the law could be gauged from the fact that it encompasses all types of business and trade activity. “We hope that this new law will help development of the markets,” Hasan said.

“The alternative dispute resolution system introduced by the new law will increase the efficiency of the businesses and save the precious time of the courts.”

Leading businessman Arif Habib commended the efforts of the finance minister and the SECP team in the introduction of this new law. He said the new law has replaced a 32 year old law, which had to be updated according to the requirements of the changing times.