KARACHI: According to the Transparency in Corporate Reporting Assessment (TRAC) 2024 report, companies in Pakistan have been deemed to be Moderately Transparent in corporate
reporting.
The TRAC report is released by Transparency International Pakistan.
The TRAC report assesses the top 69 Public Limited Companies on the Pakistan Stock Exchange (as per market capitalization) on the level of transparency in the disclosure of information. These areas are regulated under Reporting Guidance on the UNGC’s 10th Principle (Anti-Corruption), the Securities and Exchange Commission of Pakistan’s (SECP), Code of Corporate Governance, ESG guidelines, and National Action Plan on Business and Human Rights.
The assessment scores and ranks companies on five different thematic areas crucial to fighting and preventing corruption namely: reporting on anti-corruption programmes, organizational transparency, disclosure of key financial information in domestic operations, reporting on gender and non-discrimination policies, human rights and corporate responsibility. The report notes that the lowest average score, 47.28%, was observed in anti-corruption programs, reflecting partial transparency.
The report reveals that companies on average are Moderately Transparent in corporate reporting, with a score of 7.23 out of 10, where 0 is the Least Transparent and 10 is Fully Transparent.
Lucky Core Industries, Allied Bank Limited and Oil and Gas Development Company Limited are the companies which recorded the highest overall scores in the assessment. However, none of the companies achieved full overall score for transparency in disclosure practices.
The average score for reporting on anti-corruption programmes in the TRAC category is merely 47.28%, the lowest among all evaluated categories, reflecting that companies are only partially transparent in their disclosure practices. Colgate-Palmolive (Pakistan) Limited, MCB Bank Limited, Allied Bank Limited and
Engro Corporation Limited achieved highest score for anti-corruption programmes category.
Companies were scored and ranked based on publicly available information pertaining to the company.
Information was sourced from the latest Annual Reports (2023/2024) published by companies, company websites, and other publicly accessible documents. Each company’s individual scoresheet may be viewed at: It is important to note that the TRAC report does not assess the implementation of companies’ anticorruption policies or programmes. The scores reflect only the extent of reporting, not the effectiveness of the practices themselves. As such, a lower score does not necessarily indicate unethical behavior, or wrong doing, nor does a higher score confirm robust adherence to ethical standards.
As Pakistan continues to navigate economic challenges, transparency and accountability is crucial for sustainable growth and investor confidence. Recognizing this need, the report assesses disclosure in key areas essential for combating corruption. Companies that proactively disclose information—even beyond legal requirements—demonstrate a commitment to ethical business practices and corporate accountability.
Executive Director of TI Pakistan, Mr. Kashif Ali commenting on the report noted that “As regulatory bodies and international financial institutions emphasize governance improvements as a key factor for economic recovery, there is a growing need for reforms in corporate reporting practices. Through this
assessment, Transparency International Pakistan aims to encourage the private sector to lead by example, fostering an environment where businesses operate with openness, accountability, and zero tolerance for corruption. The report provides detailed recommendations for companies on how to improve their disclosure practices which would lead to better scores as well”.
Chairman of TI Pakistan, Justice (R) Zia Perwez remarked “As Pakistan navigates critical economic challenges, the need for corporate integrity and transparency has never been more pressing. The path to recovery lies in businesses that embrace openness, accountability, and ethical leadership—values that
strengthen not just reputations but the economy as a whole”.
