Karachi, December 12, 2024 – The Securities and Exchange Commission of Pakistan (SECP) and the ADR International Center (ADRIC) at the Center for Executive Education (CEE), IBA Karachi, have entered into a strategic partnership through the signing of a Memorandum of Understanding (MoU). This collaboration is poised to enhance corporate governance and institutionalize Alternative Dispute Resolution (ADR) mechanisms across Pakistan’s corporate sector.
The MoU was signed by Mr. Akif Saeed, Chairman SECP, and Mr. Kamran Bilgrami, Director of CEE, in a ceremony held at IBA Karachi. The partnership outlines a multifaceted approach to improving dispute resolution frameworks, with key initiatives including:
Capacity Building: Jointly organized training programs, seminars, and workshops aimed at developing ADR expertise among corporate professionals and regulatory stakeholders.
ADR Training: Specialized training modules designed to equip participants with practical knowledge and skills to resolve disputes effectively.
Establishment of ADR Desks: Setting up ADR desks within SECP and its member organizations to institutionalize dispute resolution processes and ensure timely resolution of corporate disputes.
This collaboration marks a significant step towards fostering a culture of effective dispute resolution in Pakistan’s corporate landscape. By streamlining processes for managing conflicts, the initiative is expected to reduce the time, cost, and complexity associated with litigation, thus enabling companies to focus on core business activities.
Benefits for the Corporate Sector
Improved Regulatory Stability: Strengthened governance and reduced friction between regulatory bodies and corporate entities.
Cost-Effective Dispute Resolution: ADR mechanisms will provide businesses with an efficient alternative to protracted litigation, ensuring quicker settlements.
Enhanced Investor Confidence: A robust ADR framework will contribute to a more predictable and transparent business environment, attracting both local and foreign investment.
Capacity Enhancement: Corporate professionals will gain access to advanced ADR training, enabling them to address disputes constructively.
By combining SECP’s regulatory expertise with ADRIC’s specialized focus on dispute resolution, we aim to empower Pakistan’s corporate sector with the tools necessary for sustainable growth and development.
The SECP-ADRIC partnership underscores a shared commitment to enhancing Pakistan’s ADR ecosystem, paving the way for a more resilient and competitive corporate environment.
