Public Sector Companies (Corporate Governance) Rules, 2013
These Rules may be called the Public Sector Companies (Corporate Governance) Rules, 2013. They shall come into force on 8th August, 2013. These rules shall apply to all public sector companies, as defined in clause (g) of rule 2. In the case of listed public sector companies, where there is any inconsistency with the code of corporate governance, the provisions of these rules shall prevail. The term “Public Sector Company” means a company, whether public or private, which is directly or indirectly controlled, beneficially owned or not less than fifty one percent of the voting securities or voting power of which are held by the Government or any instrumentality or agency of the Government or a statutory body, or in respect of which the Government or any instrumentality or agency of the Government or a statutory body, has otherwise power to elect, nominate or appoint majority of its directors, and includes a public sector association not for profit, licensed under section 42 of the Companies Ordinance 1984. The rules also define the criteria for sound and prudent management of public sector companies. The rules prescribe the code of conduct of business of the public sector companies.
