The SECP has announced that the President signed the Companies Bill, 2017, earlier this week: see here (pdf). The Bill has, therefore, become law as the Companies Act, 2017, and replaces the Companies Ordinance, 1984. A copy of the Act, which also contains provisions relating to insolvency, is available here (pdf).
Section 204 contains the duties of directors; sub-section (2) provides: "A director of a company shall act in good faith in order to promote the
objects of the company for the benefit of its members as a whole, and in the
best interests of the company, its employees the shareholders the community
and for the protection of environment".According to the SECP, the Act "... is the longest and one of the most exhaustive pieces of legislation ever approved by [the] Pakistani parliament. It has 515 sections and eight schedules, and took almost 12 years in the making".
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