Page 40 - Pakistan Oilfields Limited - Annual Report 2021

BOARD COMMITTEES

Human Resource and Audit Committee
Remuneration (HR&R) Committee Composition

Composition Mr. Shamim Ahmad Khan - Chairman

Mr. Babar Bashir Nawaz - Chairman Mr. Abdus Sattar - Member
Mr. Shuaib A. Malik - Member Mr. Babar Bashir Nawaz - Member
Mr. Abdus Sattar - Member Mr. Tariq Iqbal Khan - Member

Terms of reference Terms of reference

The Terms of reference of committee shall be The Terms of Reference of the Audit Committee
determined by the board of directors which may include the following:
include the following: a) determination of appropriate measures to

a) recommend to the board for consideration safeguard the company’s assets;
and approval a policy framework for b) review of annual and interim financial
determining remuneration of directors (both statements of the company, prior to their
executive and non-executive directors approval by the Board of Directors, focusing on:
and members of senior management). The
definition of senior management will be (i) major judgmental areas;
determined by the board which shall normally (ii) significant adjustments resulting from
include the first layer of management below the audit;
the chief executive officer level; (iii) going concern assumption;
b) recommending human resource (iv) any changes in accounting policies and
management policies to the board; practices;

c) recommending to the board the selection, (v) compliance with applicable accounting
evaluation, development, compensation standards;
(including retirement benefits) of chief (vi) compliance with these regulations
operating officer, chief financial officer, and other statutory and regulatory
company secretary and head of internal requirements; and
audit; (vii) all related party transactions.

d) consideration and approval on c) review of preliminary announcements of
recommendations of chief executive officer results prior to external communication and
on such matters for key management publication;
positions who report directly to chief
executive officer or chief operating officer; d) facilitating the external audit and discussion
and with external auditors of major observations
arising from interim and final audits and any
e) where human resource and remuneration matter that the auditors may wish to highlight
consultants are appointed, their credentials (in the absence of management, where
shall be known by the committee and a necessary);
statement shall be made by them as to
whether they have any other connection with e) review of management letter issued by
the company. external auditors and management’s
response thereto;

38 PAKISTAN OILFIELDS LIMITED