Page 104 - Annual Report & Financial Statements 2017

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ANNUAL REPORT 2017
102
11. The directors’ report for this year has been prepared
in compliance with the requirements of the CCG
and fully describes the salient matters required to be
disclosed.
12. The financial statements of the company were duly
endorsed by CEO and CFO before approval of the
board.
13. The directors, CEO and executives do not hold any
interest in the shares of the company other than that
disclosed in the pattern of shareholding.
14. The company has complied with all the corporate and
financial reporting requirements of the CCG.
15. The board has formed an Audit Committee.
It comprises five members, of whom two are
independent, three are non-executive directors. One
of the non-executive directors is represented by an
alternate director who is an executive of the Company.
16. The meetings of the audit committee were held at
least once every quarter prior to approval of interim
and final results of the company and as required by
the CCG. The terms of reference of the committee
have been formed and advised to the committee for
compliance.
17. The board has formed a Human Resource and
Remuneration (HR&R) Committee. It comprises four
members, of whom three are non-executive director.
One of the non-executive directors is represented
by an alternate director who is an executive of
the Company. Chairman of the committee is a
non-executive director.
18. The board has set up an effective internal audit
function.
19. The statutory auditors of the company have confirmed
that they have been given a satisfactory rating under
the quality control review program of the ICAP, that
they or any of the partners of the firm, their spouses
and minor children do not hold shares of the company
and that the firm and all its partners are in compliance
with International Federation of Accountants (IFAC)
guidelines on code of ethics as adopted by the ICAP.
20. The statutory auditors or the persons associated
with them have not been appointed to provide
other services except in accordance with the listing
regulations and the auditors have confirmed that they
have observed IFAC guidelines in this regard.
21. The ‘closed period’, prior to the announcement of
interim/final results, and business decisions, which
may materially affect the market price of company’s
securities, was determined and intimated to directors,
employees and stock exchange(s).
22. Material/price sensitive information has been
disseminated among all market participants at once
through Pakistan Stock Exchange.
23. The Company has complied with the requirements
relating to maintenance of register of persons
having access to inside information by designated
senior management officer in a timely manner and
maintained proper record including basis for inclusion
or exclusion of names of persons from the said list.
24. We confirm that all other material principles enshrined
in the CCG have been complied with.
Shuaib A. Malik
Chairman & Chief Executive
September 11, 2017
Dubai, UAE
Statement of Compliance, with the Code of Corporate
Governance for the year ended June 30, 2017