Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 09
August 04, 2003 


The Presidents/Chief Executives
All Banks/ DFIs

Dear Sirs/Madam, 

Quarterly & Half yearly financial statements

In terms of Para 3 of Prudential Regulation No.XXIX regarding “Responsibilities of Board of Directors” issued vide BSD Circular No.15 dated 13th June, 2002, all banks/DFIs are, interalia, required to follow the ‘Code of Corporate Governance’ issued by the SECP so long as any provision thereof does not come into conflict with any provision of the Banking Companies Ordinance, 1962, Prudential Regulations and the instructions/guidelines issued by the State Bank. 

          We have been receiving queries from Non-listed banks/DFIs, including those who have peculiar share holding structure, that whether they need to follow clause XX and XXI of the Code of Corporate Governance of SECP or not. Clause XX requires listed institutions to publish and circulate un-audited financial statements along with directors’ review on the affairs of the listed company on quarterly basis and clause XXI requires that all listed companies shall ensure that half-yearly financial statements are subjected to a limited scope review by the statutory auditors.

           To enhance financial disclosure and transparency, all the institutions – listed and non-listed – are advised to follow clauses XX and XXI of the Code of Corporate Governance of SECP. However, as far as Clause XX is concerned banks/DFIs may decide not to circulate printed copies of the un-audited financial statements alongwith directors’ review on the affairs of the company, on quarterly basis, to all the members except SBP, SECP and stock exchanges. In that event they will have to ensure publication of the same in the leading newspaper(s).

           Please acknowledge receipt.

 

Yours faithfully,
(Jameel Ahmad)
Director
       
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