Corporate Code of Governance in compliance form was established in the year 2019 and were encouraged for all SOEs to follow the code in operations. It is quite important to harmonize and to set standards in running SOEs so that accountability and reporting with transparency is advocated at large. For efficiency enhancement Individual Goals shall be aligned well against Corporate Strategic goals.
It is a pride to announce that after CG code implementation, SOE sector total governance score has been gradually increasing though there are some bottlenecks in the implementation process. Some of the KPIs in the Governance Review has been reaching closer to 80% which in fact depicts the level of improvements in the relevant KPIs.
To enhance the Governance, Top Management commitment is utmost needed. Desired level of knowledge and talent shall be created in the HR pool of the organization through cultivating a learning and Development culture internally. Familiarization programs for international standards and best practices shall be in place periodically. Transparency shall be promoted unanimously. Some of the strategic directions in terms of achieving Governance by PCB includes
- Board Strategy Training
- Effective Company Secretary Training
- Harmonization of CG code with CMDA
- Implementation of Governance Review Tool 2.0
- Harmonization of HR in SOEs
