Our Company is run by a Board of eight Directors. We encourage representation of independent non-executive Directors and Directors representing minority interest on Board of Directors. The Board is comprised of an independent Director, two executive Directors and five non-executive Directors. The Board has an Audit Committee, comprised of three members, all of whom are non-executive Directors, including the Chairman of the committee. The meetings of the Audit Committee are held at least once every quarter prior to approval of interim and final results of the Company. The committee reviews overall corporate and financial performance, capital expenditures and is responsible for preparing the annual budget. Its recommendations are sent to Board of Directors for approval. There is a strict internal check mechanism through highly qualified internal audit team which submits an internal audit report regularly.
This is in addition to external auditing. Performance records are checked and compared with previous year’s performance and budget. In addition to the Board of Directors and the Executive Management, there are committees in place responsible for various issues including monitoring of receivables, fixed expenses and maintenance work in the company.
The company holds AGM (Annual General Meeting) as prescribed by SECP (Security Exchange Commission of Pakistan) where all shareholders participate to review the company’s operational performance/profitability and to make recommendation if necessary. We have placed a suggestion box in the production hall so that the workers or Union Members can come up with Constructive/Meaningful suggestion pertaining to operational improvements or for carrying out improvements in general. Shareholders, can introduce resolution for company’s improvement which can be made part of Annual AGM (Annual General Meeting).