It is a very good idea of the PTI-led KP government to use board of directors consisting of professionals, to manage the companies run by the provincial government. But looking at the results of the past few years, I would think that this arrangement is not working as none of the companies have achieved any significant results. In the US, boards of directors manage companies. But the Enron scandal of 2001 shook that confidence up. It highlighted that those charged with governance can misuse their power.
As a consequence a new law was passed that was called the Sarbanes-Oxley Act (Sox Act) to ensure the true and fair work of the board of directors and the audit companies. Heading the company as a board member is very important task and the people responsible should be punished accordingly if they fail. The PTI-led KP government is requested to enact laws that will hold the Board of Directors, CEO and senior managers of public companies responsible and punish them with strict laws if they fail to report mismanagement, corruption and even if the company fails because of bad decisions or members not attending meetings.
Engr Shahryar Khan Baseer
Peshawar
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