A high-level subcommittee has proposed significant Companies Act 2017 reforms to align Pakistan’s corporate laws with international standards. Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, chaired the meeting. The Securities and Exchange Commission of Pakistan (SECP) and Board of Investment (BOI) jointly presented a package to address outdated rules. They also suggested adding more flexibility to corporate governance.
Officials pointed out that current laws limit innovation and growth. Therefore, they recommended removing minimum and maximum member limits for private and public companies. Additionally, they proposed allowing more flexible corporate forms. These changes aim to create a business-friendly environment and improve ease of doing business.
Haroon Akhtar Khan stressed the need to act quickly. He said excessive regulations and bureaucratic delays still challenge many businesses. He urged stakeholders to speed up drafting the new amendments. According to him, several existing provisions hinder modern corporate innovation.
The meeting included key stakeholders from SECP, BOI, the State Bank of Pakistan, and international experts. They welcomed the reforms and believe they will boost investment and global competitiveness. Officials expect to finalize the amendments soon and submit them for approval in the coming months.