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• The financial statements, prepared by the
management, present fairly its state of affairs,
the result of its operations, cash flows and
changes in equity.
• Proper books of account of the Company
have been maintained.
• Appropriate accounting policies have been
consistently applied in preparation of the
financial statements. Accounting estimates
are based on reasonable and prudent
judgment.
• International Accounting Standards, as
applicable in Pakistan, have been followed in
the preparation of the financial statements.
• The system of internal control is sound in
design and has been effectively implemented
and monitored.
• There are no doubts upon the Company’s
ability to continue as a going concern.
• There has been no material departure from
the best practices of corporate governance,
as detailed in the listing regulations.
• Significant deviations from last year’s
operating results have been disclosed
as appropriate in the Directors’ Report /
Chairman’s review and in the notes to the
accounts, annexed to annual report.
• The Company does not envisage corporate
restructuring or discontinuation of its
operations in the foreseeable future.
• Key operating and financial data of the last
six years in summarized form is annexed to
annual report.
• All major Government levies in the normal
course of business, payable as at June 30,
2020, have been cleared subsequent to the
year-end.
• The values of investments in employee
retirement funds based on the latest accounts
as of June 30, 2020 are as follows:
Management Staff
Pension Fund
Rs1,150 million
Gratuity Fund
Rs 483 million
Staff Provident Fund
Rs 476 million
General Staff
Provident Fund
Rs 141 million
Directors and Board Meetings
Total number of directors is seven as per the
following:
a. Male:
7
b. Female: Nil
The composition of board is as follows:
Category
Names
Independent
Directors *
Mr. ShamimAhmad Khan
Mr. Tariq Iqbal Khan
Other non-executive
directors
Mr. Laith G. Pharaon **
Mr. Wael G. Pharaon***
Mr. Abdus Sattar
Executive Directors
Mr. Shuaib A. Malik
Mr. Sajid Nawaz
* Independent Directors qualify criteria of independence under
regulation 6(3) of the Listed Companies (Code of Corporate
Governance) Regulations, 2019.
** Also alternate Director - Mr. Shuaib A. Malik, Chairman and Chief
Executive of the Company
*** Alternate Director - Mr. Babar Bashir Nawaz
The board has formed committees comprising of
members given below:
a. Audit Committee
Name
Role
Mr. Shamim Ahmad Khan
Chairman
Mr. Abdus Sattar
Member
Mr. Babar Bashir Nawaz
Member
Mr. Tariq Iqbal Khan
Member
b. HR and Remuneration Committee
Name
Role
Mr. Babar Bashir Nawaz
Chairman
Mr. Shuaib A. Malik
Member
Mr. Abdus Sattar
Member
CORPORATE GOVERNANCE
57
PAKISTANOILFIELDS LIMITED