The Competition Commission of Pakistan (CCP) and the Pakistan Institute of Corporate Governance (PICG) signed a Memorandum of Understanding (MoU) pertaining to cooperation, collaboration and capacity development.
On the occasion of MoU signing on Tuesday between CCP and PICG regarding cooperation, collaboration, and capacity development, Rahat Kaunain Hassan, the Chairperson of CCP said that corporate governance and competition principle are intertwined.
The objective of MoU is to strengthen corporate governance and competition compliance in the country. The Memorandum of Understanding was signed by Rahat Kaunain Hassan and Ahsan Jamil, the Chief Executive Officer of PICG in the head office of the Competition Commission of Pakistan.
The Chairperson of the CCP said that the objective of the collaboration is to promote good governance, ensure corrective behavior and sustainable compliance through advocacy measures and training for the corporate sector. She added that this would help create awareness of the internal and external drives of collusion or anti-competitive practices and will help in moving toward better strategic planning.
Ahsan Jamil, the CEO of PICG said on the occasion that free and fair competition for productivity, exports growth, and international competitiveness have their own importance. He said that good corporate governance is helpful for business as it reduces cost, ensures fair play, and protects the business from wrong practices.
The CEO of PICG said that the Pakistan Institute of Corporate Governance is looking forward to working with CCP for promoting good governance and competition for compliance. He added that PICG is taking a number of measures to improve corporate governance in the country including a strong SME governance focus, the co-creation of an ESG task Force, and forging a corporate governance research agenda.
He called the cooperation between the two organizations extremely important in promoting good corporate governance and competition law compliance. The Memorandum of Understanding between the two important organizations of Pakistan would be the source of exchanging information on pertinent issues.
The two organizations will hold meetings on competition law, promoting compliance and organizational governance on regular basis.