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			Citi Continues Support for Corporate Governance in Pakistan

Lahore – Citibank N.A. Pakistan (Citi) and Lahore University of Management Science (LUMS) organized the "LUMS-Citi National Meeting on Corporate Governance in Pakistan & Experts Panels." This conference was a continuation of their joint initiative to create and disseminate knowledge on corporate governance under the auspices of LUMS-Citi Initiative on Corporate Governance in Pakistan, which was launched in 2003.

Made possible through a four-year Citi Foundation grant of PKR 12 million (US$200,000) supplemented by funding from LUMS, the program has been working consistently to assist key stakeholders in creating corporate standards, increasing public sector discipline and transferring best practices in this area across and within industries.

Organized around three sessions, each with moderated panel discussions on subjects ranging from firm performance, financial fraud & enforcement to relevant business cases, the conference focused on the theme of how changes in corporate governance are likely to impact firm performance. Keynote addresses were delivered Dr. S.M. Khalid Nainar of McMaster University, Canada and Dr. Anwer S. Ahmed of Texas A&M University while panellists included Aameer Karachiwalla, CFO, United Bank Limited, Shahzada Dawood, CEO & Director, Dawood Hercules Chemicals, Zaffar A. Khan, Former Chairman PIA, Fuad Hashimi of Pakistan Institute of Corporate Governance and Salman Shaikh, Commissioner, SECP to name a few.

The conference, inaugurated by renowned economist and Vice Chairman at Institute of Public Policy Beacon House National University Dr. Hafiz Pasha and attended by senior Citi management including recently announced Citi Country Officer (CCO) and Managing Director (MD) Arif Usmani, was intended for representatives of business groups, executive and non-executive directors of companies, CEOs, key persons in the management teams, accountants, lawyers, academia and regulators.

Speaking at the conference, Arif Usmani, CCO & MD, Citi Pakistan said, "Citi is focused on developing the local markets and transferring global best-practice methods. Our main aim has been to facilitate the understanding and appreciation of the relationship between good corporate governance and an attractive investment climate and to this end we feel we our partnership with LUMS has been fruitful. This is in line with our commitment as a corporate citizen, and falls within our global mission to be the most respected company in the world."

Professor Shaukat Ali Brah, Dean, Suleman Dawood School of Business, welcomed the delegates and highlighted some key contributions made by the LUMS-Citi corporate governance initiative. Dr. Abid Burki, Professor of Economics and Project Director of the initiative, gave an overview of the developments in the landscape of research on corporate governance in Pakistan and underscored the need for the code of corporate governance to be revised in the light of the ground realities of family business groups in Pakistan. He said that Citi’s support, both quantitative and qualitative, has been critical in moving this initiative forward.

Citi has been present in Pakistan since 1961. In its 45 year presence in the country, the bank has evolved into an active player and a trusted banking partner in the local market, evident in the strong relationships it currently enjoys across various corporate segments. Citi has also been an active corporate citizen especially in terms of transfer of expertise and regularly supports capacity building initiatives in governance, microfinance, risk management and technology.