10 Years of Experience with PCSPCL as Observer: Now Hoping For Ray to satisfy The Poor Shareholders of the Company
By: Firdous Jamal
It is apparent that trust deficit exists between the management and the shareholders. The handling of various issues by management, who are not even the shareholders, has further widened the trust gap. Non –resolution of the problems of the shareholders , non issuance of original share certificates to them and their non participation in the affairs of the company are some of the reasons for the dissatisfaction of shareholders of the PCSPCL.
The problems can be resolved if participation of the shareholders in the management of the PCSPCL is ensured.
Recommendations which need to be considered for the betterment of the company in order to satisfy the dis-satisfied shareholders of the company in resolving the painstaking issues are as under:
- An independent investigation and audit of the company should be carried out regarding
Misconduct and existing corruption without favoring any individual or group.
- General body meeting and elections should be held fairly and in time.
- All shareholders should be handed over their original share certificates.
- Profit issue must be resolved according to the procedure and every shareholder should be paid due share.
- Rules, regulations and code of conduct must be strictly followed.
- recruitment of the cadre must be made purely on merit basis.
- An advisory committee consisting of experts on international trade, finance and management should be formed for consultation and regulation of the affairs of the trust and the company.
- Painstaking work is needed to develop a professional working environment to restore the reputation and credibility of the company. For this purpose, as an immediate measure should be insured in the form of natural election committee among the shareholders. Who should work on free and fair election on 18th August 2013.
- A permanent and legal and financial professional is also required to operate the routine activities of the company. There is need to interpret the Deed of Trust for the members , so that they come aware of their roles, powers , functions , limitations , accountability, governance procedures and statutory requirements. The perception of ‘Share capital ‘is the trust is widespread but even the office bearers are not aware of the legal aspects.
- Shareholders must be involved in the latest developments, such as inviting them to AGM, taking their opinions about policy matters, evaluation of their suggestions and incorporating of their suggestions while running the business affairs of the company.
- Proper facilities for the stakeholders must be assured such as development of the local business environment, better work environment for the labor, drivers and employees as well as bridging the gap between opposing groups of the locale.
- Pak- China Sost Port Company must focus on developing the local community in the field of environment, health and education as originally envisioned. This will improve the trust level between them. In other words “CORPORATE SOCIAL RESPONSIBILITY” role is required on the part of the company.
- Governmental agencies such as local administration, officials of the Custom and the business community from across the border should assist the management in improving the organizational capacity of the company.