OGDCL secures highest ranking in transparency :TIP

ISLAMABAD: According to the Transparency in Corporate Reporting Assessment (TRAC) 2026 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 104 Public Limited Companies on the Pakistan Stock Exchange (as per market capitalization) on the level of transparency in the disclosure of information. The assessment focuses on eight key areas: reporting on Anti-Corruption programs, Organisational Transparency, Country-by-Country Reporting, Domestic Financial Reporting, Gender, Disability and Non-Discrimination Policies, Procurement Related to Government Contracts/Tenders, Human Rights, and ESG disclosures. These areas are regulated under the Securities and Exchange Commission of Pakistan’s (SECP) Code of Corporate Governance, ESG guidelines, and National Action Plan on Business and Human Rights (2021- 2026).
The report reveals that companies on average are Moderately Transparent in corporate reporting, with a score of 6.67 out of 10, where 0 is the Least Transparent and 10 is Fully Transparent. The report notes that the average score of 66.7% across 104 companies this year is lower than the 72.3% average score across 69 companies from last year’s report (TRAC 2024), showing how as we move down the ladder from Pakistan’s biggest corporations, disclosure practices become weaker.
The Human Rights & CSR section recorded the lowest average score at 45.98%, indicating Partial Transparency, followed by the ESG disclosures section at 47.84% and Anti-Corruption Programs at 53.14%. Companies were Moderately Transparent in reporting on Gender and Non-Discrimination Policies, averaging 68.11%, while Organisational Transparency saw an average score of 92.49%, the second-highest, bettered only by Domestic Financial Reporting at 92.50% – reflecting Significant Transparency. Notably, no category recorded an average score that would classify companies as either fully transparent or least transparent.
Oil and Gas Development Company (OGDC), Fauji Cement and Sazgar Engineering are the companies which recorded the highest overall scores in the assessment respectively 92.71%, 91.67% and 91.04%. However, none of the companies achieved full overall score for transparency in disclosure practices. OGDC, Fatima Fertilizer Company Limited, Pakistan Tobacco Company Limited and Lucky Core Industries Limited achieved highest score for anti-corruption programmes category.
Companies were evaluated based on publicly available information, including the latest annual reports (2024/2025), company websites, and other publicly accessible documents. Each company’s individual scoresheet may be viewed at: (REPORT LINK)
It is important to note that the TRAC assessment does not evaluate whether companies genuinely implement the policies they disclose, particularly in areas like anti-corruption programs and human rights due diligence. 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, nor does a higher score confirm robust adherence to ethical standards. It merely demonstrates the company’s ability to report on the transparency metrics being evaluated.
Transparent reporting builds investor confidence, strengthens public trust, reduces governance risk, and encourages more responsible business conduct. Companies that proactively disclose information—even beyond legal requirements—demonstrate commitment to ethical business practices and corporate accountability.
Executive Director of TI Pakistan, Kashif Ali commenting on the report noted that “One of the most encouraging outcomes of the assessment has been the visible improvement in corporate disclosure practices compared to the previous TRAC Report. Across the 63 companies evaluated in both the current and previous iteration of the TRAC Report, the year-on-year comparison indicates an overall improvement in disclosure practices. Where assessment questions remained unchanged from the previous iteration, companies generally performed better this year and the average score improved by 9% in overall transparency performance, suggesting that greater awareness of transparency expectations is beginning to translate into stronger public reporting”.
Chairman of TI Pakistan, Justice (R) Zia Perwez remarked “Corporate transparency remains an important component of responsible governance, investor confidence, and sustainable economic growth. As expectations around corporate accountability continue to evolve within Pakistan, companies must demonstrate transparency not only in their financial and governance structures, but also in how they address corruption risks, human rights, workplace inclusion, and environmental responsibility – all of which can be reflected through enhanced disclosure practices”.