Good corporate governance key for economic revival

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LAHORE: Good corporate governance, being a key driver for business performance, is not just an essential but a necessary ingredient for the country’s economic revival, stated the participants at a corporate governance workshop for small and medium enterprises (SMEs) organised by the Lahore Chamber of Commerce and Industry (LCCI) in collaboration with the International Finance Corporation (IFC) on Thursday. According to them, good governance is a major tool when it comes to attracting foreign investors. There was a consensus among speakers that businesses need to strive for implementation of sound corporate governance practices to improve individual performances and boost investors’ confidence to improve the economy, which has been facing multiple internal and external challenges.

They said that corporate governance is also essential in ensuring transparency and balanced economic development as well as in minimising wastages. Speaking on the occasion, LCCI President Farooq Iftikhar stressed the need for some modification in global corporate governance model saying that it could not be same for all countries as ground realities and economic conditions are different in different countries. He added that the IFC should prepare case studies for proper implementation of corporate governance in Pakistan.

 

Courtesy: The News


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