Page 109 - Pakistan Oilfields Limited - Annual Report 2021

Statement of Compliance with Listed Companies

(Code of Corporate Governance) Regulations, 2019
FOR THE YEAR ENDED JUNE 30, 2021

THE COMPANY HAS COMPLIED WITH THE REQUIREMENTS OF THE REGULATIONS IN THE
FOLLOWING MANNERS:

1. The total number of directors are seven as per the 4. The company has prepared a “Code of Conduct”
following, - and has ensured that appropriate steps have
been taken to disseminate it throughout the
a. Male: 7
Company along with its supporting policies and
b. Female: None procedures;

The regulation related to representation of 5. The Board has developed a vision/mission
female director on the Board is not yet applicable statement, overall corporate strategy and
as the manner and terms and conditions are significant policies of the Company. The Board
not specified by the Securities and Exchange has ensured that complete record of particulars
Commission of Pakistan at the time of election of of significant policies along with their date
Directors of the Company. of approval or updating is maintained by the
Company;
2. The composition of the Board is as follows:

Category Names 6. All the powers of the Board have been duly exercised
i. Independent Mr. Shamim Ahmad and decisions on relevant matters have been taken
Directors *** Khan by the Board/shareholders as empowered by the
Mr. Tariq Iqbal Khan relevant provisions of the Act and these Regulations;
ii. Other Non- Mr. Laith G. Pharaon *
Executive Mr. Wael G. Pharaon** 7. The meetings of the Board were presided over by
Directors Mr. Abdus Sattar the Chairman. The Board has complied with the
iii. Executive Mr. Shuaib A. Malik requirements of the Act and the Regulations with
Directors Mr. Sajid Nawaz respect to frequency, recording and circulating
* Alternate Director Mr. Shuaib A. Malik, minutes of meeting of the Board;
Chairman & Chief Executive Pakistan Oilfields 8. The Board has a formal policy and transparent
Limited
procedures for remuneration of directors in
** Alternate Director Mr. Babar Bashir Nawaz accordance with the Act and these Regulations;

*** Best practices of corporate governance 9. Out of seven directors, five directors meet the
entail having an optimal number and mix of exemption requirement of the Directors’ Training
board members with adequate skills and Program and two directors have obtained the
experience. Directors’ Training Program certification in prior
years;
The current Board of Directors of the
Company adequately meets this requirement. 10. The Board has approved appointment of Chief
Further, existing independent directors play Financial Officer, Company Secretary and Head
an effective part within the Board and make of Internal Audit, including their remuneration
valuable contribution. Therefore, the fraction and terms and conditions of employment and
(2.3) has not been rounded up. complied with relevant requirements of the
Regulations. The Company Secretary and Chief
3. The directors have confirmed that none of them Financial Officer is the same person, however,
is serving as a director on more than seven listed duties of both positions are distinct and clearly
companies, including this company;

ANNUAL REPORT 2021 107