Karachi, 9 June 2009, ACCA Pakistan organised a discussion forum “Pakistan:Addressing the challenges of global economy” today at a local hotel aimed at enabling think tanks, policy makers, business community and ACCA members to discuss and deliberate the prospects and challenges that Pakistan’s economy faces against the background of the current global economic conditions as well as national challenges.  Setting the tone, Dr. Afra Sajjad, Head of Education and Policy Development stated “At ACCA we strongly believe that in future we need a system where sound regulation, supervision and good corporate governance reinforce each other.  Whilst we prefer a market solution rather than a regulatory answer, ACCA urges regulators to consider simpler, clearer intelligent regulations by answering questions like why could financial regulation not identify risk concentrations and flawed incentives; why did the macroeconomic policies not take systemic risks in the financial system and the housing markets into account and a fragmented global surveillance; why did the boards and non-executive not set the right tone.”  

The panelists included Mr George Bartlett, Lead Consultant, Institute of Directors UK (IoD) who in-depth talked about the global economic challenges from the perspective of corporate governance, Zaffar Ahmed Khan, Corporate Governance Expert who reviewed the challenges faced by the business community, Mr Badar Kazmi, CEO, Standard Chartered Bank who talked of Pakistan’s resilient banking sector  , Mr Tarirq Iqbal Khan, CEO, National Investment Trust who apprised the participants of institutional investors and stock exchange readiness for addressing global challenges and Mr Fuad Hashmi, CEO, Pakistan Institute of Corporate Governance who delineated the corporate governance and board practices reforms road map.

The discussion forum proved very useful in outlining a road map for effectively managing the opportunities and challenges that have risen due to the current global economic conditions. It stimulated innovative thinking – compelling the participants to explore solutions to ensure that their businesses not only remain profitable but also aspire for differentiation and excellence despite a plethora of national and international challenges.

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