Karachi: Security Papers Limited (SPL) continues to navigate challenges related to its corporate governance obligations, as detailed in its Statement of Compliance with the Listed Companies (Code of Corporate Governance) Regulations, 2019. The company, which reported this information on September 25, 2026, maintains a board consisting of nine directors, with eight males and a solitary female member, Mrs. Pernur Alabeyoglu.
The board includes four independent directors: Mr. Munir Ahmed, Mr. Mohammad Aftab Manzoor, Mr. Jamal Nasim, and Mr. Hamid Bazargan. Additionally, non-executive directors such as Hafiz Mohammad Yousaf, Mr. Shafqaat Ahmed, Mr. Arshad Mehrnood Bhatti, and Mr. Imran Qureshi contribute to the board's composition. The requirement under Regulation 5 (1) for one-third of board members to be independent directors was underscored as a critical compliance factor.
According to information available from the Pakistan Stock Exchange (PSX), SPL has faced significant regulatory hurdles in fulfilling its obligation to elect independent directors, a matter repeatedly delayed due to the company's unresolved legal status. The eighth Extraordinary General Meeting (EOGM), initially scheduled for November 29, 2023, was adjourned twice. Despite receiving three extensions from the Securities and Exchange Commission of Pakistan (SECP), a fourth request for an extension was denied, prompting SPL to file an appeal with the Registrar of Companies, SECP.
A hearing on June 19, 2025, attended by SPL's legal counsel and company secretary, saw SECP request further documentation, including the CIRO Order dated November 12, 2024. SPL complied, submitting the required information on June 23, 2025. However, as of the report's date, the Registrar of Companies, SECP has not provided any updates regarding the appeal for an extension to hold the elections.
The case highlights the complex regulatory landscape SPL operates within, as it strives to maintain compliance with corporate governance standards while addressing its legal challenges.