The Securities and Exchange Commission of Pakistan (SECP) has released a Consultation Paper aimed at enhancing the overall conduct of Corporate Briefing Sessions (CBS) held by listed companies. The initiative seeks to ensure that these sessions are conducted in their true spirit, providing investors and research analysts with timely and accurate information on financial and operational matters.
As the apex regulator of Pakistan’s capital markets, the SECP emphasizes the importance of transparency in the stock market. Corporate Briefing Sessions offer listed companies a platform to share detailed insights into their operations and address concerns raised by stakeholders. The SECP believes that improving the conduct of these sessions will enhance transparency, boost investor confidence, and contribute to efficient price discovery in the stock market.
Key Areas for Improvement
The Consultation Paper identifies several potential areas for improvement, based on a comprehensive review of current practices, stakeholder feedback, and international research. The proposed enhancements include:
- Mandatory audio-video recordings of sessions.
- Optional online participation to ensure broader accessibility.
- Establishment of a centralized repository for session recordings.
- Availability of written transcripts for reference.
- A mechanism for submitting questions in advance of the sessions.
- Conducting feedback surveys to improve future sessions.
- Mandatory presence of the CEO and CFO during the sessions.
The SECP has invited feedback and comments from stakeholders and interested parties within 15 days of the Consultation Paper’s publication. The regulator aims to incorporate this input to refine the framework for Corporate Briefing Sessions.
