A high-level subcommittee on regulatory reforms has recommended significant amendments to the Companies Act 2017 to bring Pakistan’s corporate framework in line with international best practices.
The proposals were discussed on Monday at a meeting chaired by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, according to a press release.
The session was attended by Scott Jacobs, representatives from the Board of Investment (BOI), the Securities and Exchange Commission of Pakistan (SECP), and the State Bank of Pakistan (SBP).
According to officials, the SECP and BOI jointly presented a package of recommendations aimed at modernising the Act.
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Key proposals include removing the minimum and maximum limits on the number of members in private and public companies, introducing greater flexibility in corporate forms, and scrapping unnecessary restrictions.
Haroon Akhtar said the agreed recommendations should be drafted without delay, warning that excessive regulations, procedural delays, and barriers to ease of doing business were serious challenges for enterprises in the country.
He added that several provisions in the existing law were outdated and hindered innovation in modern corporate structures.
