Press Release
JCR-VIS reaffirms Corporate Governance Rating of Pak Oman Investment Company Limited at CGR-9
Karachi, May 9, 2011: JCR-VIS Credit Rating Company Limited has reaffirmed the corporate governance rating of Pak Oman Investment Company (POIC) at CGR-9, denoting ‘very high level of corporate governance’. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest).
Corporate governance ratings are based on evaluation of key governance elements of the rated enterprise, which includes regulatory compliance, ownership structure, composition and operations of the board of directors and executive management, self-regulation, financial transparency and relationship with stakeholders.
The rating takes into account strong board and senior management oversight and enhanced focus on team building including transparency in recruitment and succession planning. Over the last couple of years, growth has remained below expectations, which is also attributable to a difficult operating environment. Further focus on the operations of associated concerns, where the company has controlling stake, may improve yield on its strategic investments.
The company’s contribution towards corporate social responsibility (CSR) has been highly commendable. The management has taken keen interest in providing support to various humanitarian projects which are executed through its Friends of Life Committee.
For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Mr. Jamal Abbas Zaidi (Ext: 408) at (+92-21) 35311861-70 or fax to (+92-21) 35311872-73.
Faheem Ahmad
President & CEO