Independent Power Producers register serious reservation against recent SEBON directives on Corporate Governance; submits memorandum to revise provisions for hydropower producers

Independent Power Producers have expressed their serious agitation against the recently enforced SEBON’s guidelines regarding Corporate Governance among the listed companies at Nepal Stock Exchange. The private power producers have accused SEBON to have undermined the interest of investors in the sector which could have negative impact on the investment confidence of the investors. The market regulator had announced new directives to curve the unethical and unprofessional practices among the listed companies through the issuance of directives for Corporate Governance 2074 which it is mulling to enforce from the beginning of the next fiscal year 2075-76. Arguing that the many provisions laid forward by SEBON in the regulation regarding the functions and appointment of CEOs and other senior officials in listed companies, the association of independent power producers (IPPAN) has met the officials of SEBON on Tuesday to air their disagreement. Apart from registering their agitation, the private power producers also submitted the memorandum that includes their demand to revise the provisions for hydropower producers to SEBON. Regarding the demands of independent power producers, SEBON is yet to review its latest directives which would be finalized only after the board meeting. On the other hand, IPPAN officials are of opinion that the latest directives want the power producers to stay idol after the completion of single project as the directives have barred the CEOs and BODs to be a member of another institutions of same kind simultaneously at a same time.