ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for all listed companies to maintain their websites functional to provide investors with updated cost-effective and easy information.

The companies have been told to report compliance to the enforcement department of the commission by April 30, 2012. Websites of companies shall disclose maximum information comprising comprehensive profile and contact details of the company and its management, financial facts, figures and reports.

The SECP is actively promoting minority representation on the boards of directors of companies as part of good corporate governance. As another step in this direction, the companies have been directed to display the name of contesting candidate at least seven days prior to elections.

In addition, companies shall give contesting candidates time-bound access to password/login protected list of shareholders at least 21 days prior to date of such elections. Not only shall the companies ensure that proxy forms are available on its website at least 21 days prior to elections, they will also have to place on their websites the number as well as the value of proxies deposited by each candidate.

The requirements shall give minority shareholders prompt and easy access to shareholders lists as well as provide updated position of proxies deposited by each candidate, effectively saving the time lags owing to physical dispatch of information, a common complaint by minority shareholders.

Moreover, a distinctive section of website is required to be dedicated to investor relations that shall display important notices including those of general meetings, announcement for raising capital and complaint handling mechanism.

It has been mandated that companies provide either contact details of person designated for assisting and handling investor grievances or place online contact form for convenience of shareholders. Furthermore, separate news section of website can be utilised by companies to exhibit their achievements, affiliation to market bodies and issue clarifications. The websites shall be extremely useful for investors to distinguish between planted news in media and the genuine news, claimed SECP.