PESHAWAR: An agreement signed between among Alliance Healthcare Private Limited (AHL) and International Finance Corporation (IFC) to improve quality of services in private sector along with Corporate Social Responsibility for larger benefit of public, on Tuesday.
According to details, AHL came into being in 2005 through the efforts of a group of healthcare professionals with a view to establish top quality healthcare and research facilities along with health education. International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
IFC showed an interest in AHL about two years back. This led to a visit by IFC team to look at the processes and corporate governance at AHL. Subsequently, another team from IFC visited the healthcare facilities and teaching institutions managed by AHL. Based on these visits, IFC suggested some amendments / improvements/ revisions in the standard operating procedures to better streamline the operations at AHL and also recommended some structural changes to the company.
As a result of this, two independent directors were appointed to the company board, the establishment of an Audit and Risk Committee along with HR and Remuneration Committee. IFC is also assisting AHL in its efforts to achieve JCI accreditation. IFC also organized a workshop on corporate governance for the shareholders.
Further to these changes, IFC has agreed to an investment of PKR2 billion in equity financing to Alliance Healthcare (Private) Limited to further strengthen and enhance the company’s role in the healthcare industry in Pakistan and the region. This investment will go along with the expansion plans at AHL, both in healthcare provisions and education. In addition to the existing two independent directors, another independent director nominated by IFC will be appointed to the company board.
Independent directors are often seen as key to a company’s corporate credibility and Alliance Healthcare (Private) Limited is the first private company in the area to adopt this approach.
The company is also preparing itself for a potential listing on Pakistan Stock Exchange in the coming four to five years.
In view of the above, the company has also approved and adopted several policies to safeguard the interests of different stakeholders adding more transparency to its affairs. This investment also requires the company to prepare a comprehensive annual monitoring system for its specific facilities and operations with special emphasis on environment, pollution prevention, community health, safety and security matters and occupational health and safety.
The signing ceremony with respect to above arrangements will be held on Tuesday 22 November 2022 at 03:00PM in Auditorium, Northwest School of Medicine, Plot-8, Sector A-II, Phase V, Hayatabad, Peshawar. Senior government officials and other stakeholders are invited to the ceremony where senior IFC officials will also be participating.