ISLAMABAD - Smelling a rat in the appointment of SECP Chairman, the Senate Standing Committee on Finance, Revenue and Economic Affairs Wednesday directed the Government to present the list of the candidates, which were interviewed for the post. The Ministry of Finance should provide the list of candidates who were interviewed for the post of Chairmanship of Securities and Exchange Commission of Pakistan (SECP) to the Committee, said the Committee Chairman, Senator Ahmed Ali, while presiding over the meeting of Senate Standing Committee on Finance, Revenue and Economic Affairs. Earlier Secretary Finance, Dr Waqar Masud, briefed the Committee on the appointment of Chairman SECP. He informed that Finance Minister interviewed several candidates, however Muhammad Ali Ghulam (sitting chairman) was suitable for the post among others. Briefing the Committee, Chairman SECP said, A number of amendments have been suggested in the revised proposed draft Code of Corporate of Governance (CCG) including representation of independent and executive directors, roles of Chairman and CEO, number of total directorship in the listed companies, self-evaluation of the boards, directors education, training and remuneration and additional committees of the board. The SECP launched a consultation process among stakeholders to reform the Code in October 2010 and it had received substantive feedback from more than 80 different stakeholders. He added that a consultative roundtable with major stakeholders was intended to be held to seek their opinion on the final revised code before its implementation. The Chairman SECP further informed that revision in the Code, in light of stakeholders suggestions and feedback would be implemented by June this year. However, the Committee members showed concerns that SECP did not invite business community for consultations for the revised Code and directed the Chairman SECP to present its report to the Committee before its implementation. The Chairman SECP informed the Committee that increase in independent directors was essential for the protection of interest of all stakeholders, therefore under revised proposed Code, independent directors would increase to three while the existing Code require a minimum of one independent director. Meanwhile, the proportion of the executive directors (including CEO) should not be less than two nor more than 1/3rd of the elected directors. He further said, According to the revised Code, no person shall be appointed director of more than 5 list companies simultaneously as against 10 in the existing Code. This move would ensue increase time commitment from directors for proper functioning of boards. He further said, under proposed draft of CCG, the Chairman and CEO should not be the same person, as there is lot of distinction in role of these two posts. In addition to establishing an Audit Committee, the Board will also be responsible for establishing a Human Resources and Remuneration Committee. The Committee will be formed with a majority of independent directors and will help in brining greater transparency and direction within the company.