Pakistan’s leading listed companies remain only moderately transparent in corporate reporting, with disclosures on human rights, environmental, social and governance (ESG) issues and anti-corruption programmes emerging as major weaknesses, according to a new assessment by Transparency International Pakistan.
The Transparency in Corporate Reporting Assessment (TRAC) 2026, covering 104 public limited companies listed on the Pakistan Stock Exchange, recorded an average score of 66.73%, or 6.67 out of 10. The score was markedly lower than the 72.3% average recorded in the previous report, which assessed 69 companies, suggesting that disclosure practices tend to weaken beyond Pakistan’s largest corporations.
According to the TIP, none of the companies achieved a perfect overall transparency score, although Oil and Gas Development Company (OGDC), Fauji Cement Company Limited and Sazgar Engineering Works Limited emerged as the top performers, scoring 92.71%, 91.67% and 91.04%, respectively.
The assessment found the weakest disclosure in human rights and corporate social responsibility (CSR), where companies averaged just 45.98%. ESG disclosures followed at 47.84%, while anti-corruption programmes recorded an average of 53.41%, highlighting significant gaps in publicly available information on corporate accountability and responsible business practices.
By contrast, companies performed strongly in reporting their organisational structures and domestic financial information. Organisational transparency averaged 92.49%, while domestic financial reporting scored 92.50%, placing both categories in the report’s significant-transparency range.
The gender, non-discrimination and disability inclusion category recorded an average score of 68.11%, indicating moderate transparency. The report identified shortcomings in disability inclusion and the disclosure of grievance mechanisms for reporting discriminatory practices.
In the human rights and CSR category, only Fauji Cement achieved full transparency in its disclosures, while 11 companies were classified as significantly transparent. The assessment examined areas including human rights due diligence, child labour prevention, employee safety, wage payment mechanisms and grievance procedures.
The report also highlighted weaknesses in corporate anti-corruption disclosures, particularly in relation to staff training, communication of policies and reporting mechanisms for corruption-related concerns. OGDC, Fatima Fertiliser Company Limited, Pakistan Tobacco Company Limited and Lucky Core Industries Limited recorded the highest scores in this category.
However, a comparison of the 63 companies assessed in both the current and previous editions offered a more encouraging picture. Their average overall score increased from 72.01% to 78.45%, representing an improvement of approximately 8.9%. The report attributed the progress to better performance on assessment questions that remained unchanged between the two editions.
The assessment was based on publicly available information, including companies’ latest annual reports for 2024 and 2025, official websites and other public documents. It examined eight areas of corporate disclosure, including anti-corruption programmes, organisational transparency, country-by-country reporting, domestic financial reporting, procurement relating to government contracts, human rights, gender and disability inclusion, and ESG disclosures.
Transparency International Pakistan noted that the assessment measures the extent of information companies disclose rather than whether they actually implement the policies they report. A low score, therefore, does not necessarily establish unethical conduct, just as a high score does not guarantee effective implementation.
The report nevertheless emphasised that comprehensive corporate disclosure is important for strengthening investor confidence, improving public trust and reducing governance risks. In a country grappling with corruption and weak revenue mobilisation, stronger reporting standards could also help demonstrate corporate accountability and support a more transparent business environment.