As there are less of proper connecting roads, railway lines and other transportation services which are very congested. That’s why tourists find it hard to visit different places in Pakistan at a time. 4.3.Inability to Cope with Natural Disasters
The corporate governance includes the practices, rules and the processes which are controlled by the company. The corporate governance helps to balance the interest of different stakeholders of the company which includes management, suppliers, government, shareholders and customers. All the objectives of the company can easily be accomplished with the help of the corporate governance. The meaning of the governance includes controls, resolutions, policies and set of rules. It is the importance of the shareholders that they can directly affect the governance.
Executive Summary In this report we have discus the problems and crisis which is been faced by Pakistan Railways. Pakistan Railways is a national transport service. It provides an important mode of transportation in the farthest corners of the country and brings them closer for business, sight-seeing, pilgrimage and education. Railway has been a cheapest mode of transportation for passengers and goods. From past few years Pakistan Railways are facing real crisis situation and it is keep getting worse day by day.
Millstein Report to OECD (2000) further noted that the governance structure specifies the distribution of rights and responsibilities among different participants in the cooperation and specifies the rules and procedures for making decisions in corporate affairs. The participants in the corporation include stakeholders such as the board of directors, managers, shareholders, creditors and regulatory bodies among others. Still on the definition on corporate governance, Selvaggi (2008) defined corporate governance as a system of law and sound approaches by which corporations are directed and controlled focusing on the internal and external corporate structures with the intention of monitoring the actions of managers and the directors and thereby mitigating the agency risk which may stem from the misdeeds of corporate
Poverty has been a major issue. A lot of work has been done to finish poverty in Pakistan but the circumstance is practically the same. Poverty in Pakistan is of incredible worry as it is a developing nation. Despite the fact that the white collar class has enhanced their status and has grown up to 35%. Pakistan 's population is 182.1 million whereas there are 17.2% of the population is living below the poverty line.
Corporate governance also includes the relationship between the involved stakeholders and the company 's management objectives.. There is also another side that is the subject of corporate governance, such as a stakeholder point of view that points attention and accountability to other parties other than shareholders, such as employees or the environment (Haidar, 2009). The essence of corporate governance policy is that the parties who play a role in running the company understand and perform functions and roles according to authority and responsibility. Parties that act include shareholders, boards of commissioners, committees, directors, heads of units and employees. Principles in Good Corporate Governance (GCG) In Act No.
would stay course with the concept of Government as that of “the exercise of political authority over action or affairs of a political unit, people etc, as well as the performance of certain functions for this unit or body and the executive policy making body of a political unit, community etc” . 1.2. Governance Oxford dictionary defines Governance “as the action or manner of governing”. Governance relates to conducting policy and affairs of a state or community. The term “Governance” acquired common usage during the 1990s when it was profusely used in the 1989 World Development Report and acquired greater attention mainly as a synonym of financial accountability of governments.
Despite all of this, Pakistan is struggling to cope up with the rest of the world in the sector of development. We are still a developing country despite having a lot of potential. Human Resource Management is at the heart of every organization’s success or failure. The level to which you can manage your manpower and bright minds determines your success. And this is exactly what Pakistan lacks.
Besides the restructuring of economy towards private sector in Pakistan during the last few years, there is a high competition for jobs in public sector and public sector jobs are still more lucrative because of higher salaries, flexible timings, good working conditions and excellent fringe benefits. 2.2 Concept and Definitions 2.2.1 Level of