Karachi: First Capital Securities Corporation Limited (FCSC) has reported significant strides in corporate governance and strategic planning for the fiscal year ending 2024, as part of its annual Chairman’s Review Report.
The year witnessed a moderate economic recovery, with the Pakistani government’s economic measures bolstering market confidence and accelerating GDP growth to 2.4%. The agriculture sector saw a notable expansion of 6.3%, while industry and services grew by 1.2%. The Pakistan Stock Exchange (PSX) reflected this positive trend, with the KSE 100 index rising by 79.5% to 78,810 points as of June 2024.
According to information available from the Pakistan Stock Exchange (PSX), FCSC emphasized the enhancement of its board’s capabilities, including compliance with regulatory standards and strategic oversight. The board’s actions over the past year included the approval of significant strategic plans, risk management policies, and financial strategies, ensuring alignment with both corporate objectives and regulatory requirements.
The company’s board ensured robust participation in all strategic planning and audit processes. This includes a rigorous self-assessment mechanism for internal controls and active involvement in all regulatory and compliance issues. The Chairman highlighted the board’s dedication to fulfilling its governance roles with high professionalism and ample representation of independent directors.
Furthermore, FCSC has established thorough training and development programs for directors, enhancing their effectiveness in governance roles. The board also focused on transparency, ensuring that all board resolutions and meeting minutes were properly recorded and maintained.
The Chairman expressed gratitude towards shareholders, board members, and staff, crediting them for their support during challenging economic conditions and looking forward to continued success.