Eligibility Criteria for Persons:-
- Any person desirous of including his/her name on the databank referred to in regulation 3, shall fulfill the following educational and other requirements, namely:-
(a) a person who:
i) either holds at least a graduate degree from a university recognized and approved by the Higher Education Commission of Pakistan or is a member of a professional body; and
Explanation: the expression, “professional body” means:
a) established in Pakistan, governed under a special enactment of the Federal Government as a self-regulatory organization managed by a representative National Council, and has a prescribed minimum criterion of examination and entitlement of membership of such body; or
b) established outside Pakistan and established under a special enactment in the country of its origin and which is a member of the International body relevant for such field.
ii) has at least five years of relevant experience in one or more of the fields of finance, law, management, sales, marketing, administration, research, corporate governance, technical operations or other disciplines relevant to the company’s business; or
b) has at least fifteen years of relevant work Experience is one or more of the fields of finance, law, management, sales, marketing, administration, research, corporate governance, technical operations or other disciplines relevant to the company’s business;
c) the person is willing to act as an independent director and can confirm that on appointment, would devote reasonable time to the affairs of the company in order to enable him/her to discharge his/her stewardship responsibilities as given under the applicable law, corporate governance directives and where applicable, licensing
- Every independent director, after being appointed/elected on board, shall complete Director’s Training Program (DTP) or avail exemption from the commission as per the requirements of Regulation 20 of the Listed Companies (Code of Corporate Governance) Regulations, 2017 within twelve months of such appointment/election.
- Every person whose name is included in the databank shall be responsible for the accuracy, adequacy and completeness of the information and particulars provided by him/her to the Institute and in case of any subsequent change therein.