Glass, Lewis & Co. (“Glass Lewis”) appreciates the opportunity to comment on the draft Pakistan’s Companies Act, 2015 (the “Act”) issued by the Securities and Exchange Commission of Pakistan (“SECP”).

Glass Lewis commends the SECP for draft of the Act which will work to overhaul aspect of Pakistan’s corporate governance to reflect global trends, developments and investor expectations. Glass Lewis generally agrees with the main principles of the Act. The response provided below includes Glass Lewis’ views about some specific provisions outlined in the Act.