Central Depository Company has been elected as a member of the Executive Committee of Asia Pacific Depositories Group (ACG) for the next three years.
Since 1998, CDC is amongst ACG’s 30 member institutions that represent 21 countries. This group has been working with an informal structure ever since it was established in 1997. The members meet frequently and discuss topics of mutual interest and share experiences. A general meeting is held in a member country once a year. CDC had the honor of hosting 10th Annual General Meeting of ACG in Karachi in the year 2006.
Lately, a working group was formed to deliberate on developing a formal structure for ACG. With CDC as an active member, this working group submitted a recommendation for the approval of the general body in the recently held meeting in Mumbai, India. One of the recommendations was to form an Executive Committee for a period of three years. The recommendations of the working group were approved by the members unanimously.
The Executive Committee has seven members out of which four members are chosen from the conveners of different task forces and remaining three were to be elected.
This milestone has been achieved by CDC after putting in hard work by taking part in various activities of this prestigious group. This also shows acceptance of CDC’s efforts by the member institutions for the benefit of the entire group. For next three years, CDC will not only be in coordination with depositories of developed countries of the Asia Pacific region but will also have close contact with other regional groups. The other members of the Executive Committee are China Central Depository and Clearing Corporation, National Securities Depository Limited of India, Japan Securities Depository Center Inc., Korea Securities Depository, The Central Depository (Pte) Limited of Singapore and Vietnam Securities Depository.