JCR-VIS Reaffirms Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited at CGR-9

Karachi, January 25, 2019 (PPI-OT): JCR-VIS Credit Rating Co. Ltd. has reaffirmed the Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at ‘CGR-9’. The previous rating action was announced on December 29, 2017.

The assigned rating incorporates the sound governance structure of PKIC, in context of Joint Venture Agreement (JVA) between the two sponsoring sovereigns, Government of Pakistan (GoP) and Government of Kuwait (GoK). Both shareholders have equal representation on the Board. PKIC has a sound corporate governance framework underpinned by strong financial transparency, management profile and effective functioning board and management level committees. Frequency of board and committee meetings, high attendance record and comprehensive discussion on various aspects of the company during the meetings demonstrates high level of engagement of Board members.

During 2017 and 2018 changes were witnessed at senior management level which included new appointments as well as internal transfer. A satisfactory succession plan is also in place. The company has a well-defined organizational structure with each functional area overseen by a separate qualified and experienced senior resource. Disclosures available in the public are adequate and made in a timely manner. Internal controls and compliance framework are also considered sound.

For more information, contact:
Director Compliance and Rating Analytics,
JCR-VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: http://jcrvis.com.pk/