The Securities and Exchange Commission of Pakistan (SECP) has announced that despite extensive advocacy and engagement, the annual accounts of listed companies revealed very limited adherence to the gender pay gap disclosure requirements.

In a statement, SECP said that in April this year, through Circular 10 of 2024, it directed the board of directors of listed companies to disclose gender pay gap data in their annual reports and on their websites with effect from June 30th, 2024. The directive was issued in compliance with the Prime Minister’s Women Empowerment Package (PM-WEP) 2024.

Furthermore, the SECP advocated compliance through social media and by disseminating notices to listed companies for compliance through Pakistan Stock Exchange vide notice PSX/N-1140 dated November 26, 2024.

A suggested format and calculation method were provided along with the circular to facilitate compliance with the disclosure requirement. Additionally, an advocacy session was organized in collaboration with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to further emphasize the importance of gender pay gap disclosure and promote gender inclusive practices among businesses.

The SECP has once again urged all listed companies to fully comply with the requirement to include gender pay gap data in their annual reports and on their websites. Failure to comply with the Circular may lead to enforcement actions against non-compliant companies, it added.

The SECP said it is committed to promoting transparency, gender equality and facilitating PM WEP 2024 to foster a more gender inclusive business environment in Pakistan.