Page 64 - Pakistan Oilfields Limited - Annual Report 2021

CORPORATE GOVERNANCE

• The financial statements, prepared by the • The values of investments in employee
management, present fairly its state of retirement funds based on the latest
affairs, the result of its operations, cash flows financial statements as of June 30, 2021 are
and changes in equity. as follows:
• Proper books of account of the Company Management Staff
have been maintained. Pension Fund Rs 1,190 million

• Appropriate accounting policies have been Gratuity Fund Rs 489 million
consistently applied in preparation of the
financial statements. Accounting estimates Staff Provident Fund Rs 515 million
are based on reasonable and prudent General Staff
judgment. Provident Fund Rs 78 million

• International Accounting Standards, as
applicable in Pakistan, have been followed in Directors and Board Meetings
the preparation of the financial statements. Total number of directors is seven as per the
following:
• The system of internal control is sound
in design and has been effectively a. Male: 7
implemented and monitored. b. Female: Nil

• There are no doubts upon the Company’s The composition of board is as follows:
ability to continue as a going concern.
Category Name
• There has been no material departure from Independent Mr. Shamim Ahmad Khan
the best practices of corporate governance, Directors * Mr. Tariq Iqbal Khan
as detailed in the listing regulations. Other Non- Mr. Laith G. Pharaon **
Executive Directors
• Significant deviations from last year’s Mr. Wael G. Pharaon***
operating results have been disclosed Mr. Abdus Sattar
as appropriate in the Directors’ Report / Executive Directors Mr. Shuaib A. Malik
Chairman’s review and in the notes to the Mr. Sajid Nawaz
accounts, annexed to annual report.
* Independent Directors qualify criteria of independence under
regulation 6(3) of the Listed Companies (Code of Corporate
• The Company does not envisage corporate Governance) Regulations, 2019.
restructuring or discontinuation of its ** Also alternate Director - Mr. Shuaib A. Malik, Chairman and
Chief Executive of the Company
operations in the foreseeable future. *** Alternate Director - Mr. Babar Bashir Nawaz

• Key operating and financial data of the last The BoD has formed committees comprising of
six years in summarized form is annexed to members given below:
annual report.
a. Audit Committee
• All major Government levies in the normal
course of business, payable as at June 30, Name Role
2021, have been cleared subsequent to the Mr. Shamim Ahmad Khan Chairman
year-end. Mr. Abdus Sattar Member
Mr. Babar Bashir Nawaz Member
Mr. Tariq Iqbal Khan Member

62 PAKISTAN OILFIELDS LIMITED