Page 66 - Pakistan Oilfields Limited - Annual Report 2021
P. 66
CORPORATE GOVERNANCE
nature of transaction and the and the BoD. He has power to Governance) Regulations,
Company Secretary notify set agenda, deliver instructions 2019, a formal and effective
such transactions to the BoD and he signs the minutes of the mechanism is put in place
within stipulated time. All such board meeting. The Chairman for an annual evaluation of
holdings have been disclosed ensures that the Directors the BoD’s own performance,
in the Pattern of Shareholdings are properly informed and members of BoD and its
annexed to the Annual Report. that sufficient information is committees.
provided to enable them to
Conflict of Interest form appropriate judgments. The Board of Directors has set
the following evaluation criteria
Among Board The Chairman evaluates to judge its performance.
annually the effectiveness of
Members the BoD as a whole. • Review of the strategic plans
A formal Code of conduct and business risks, monitor
is in place governing the The Chief Executive (CEO) the Company’s performance
actual or perceived conflict is the executive director against planned objectives
of interest relating to the BoD who also acts as head of the and advise management on
members of the Company. Company’s management. He strategic initiatives.
Under the guidelines of code is responsible for leading the
of conduct, every director development and execution • Working as a team, the BoD
is required to disclose his of the Company’s long-term has the right blend of skills,
interest in any contract, strategy with a view to enhance expertise and the appropriate
agreement or appointment value for shareholders. He is degree of diversity. The BoD
etc. These disclosures are responsible for day-to-day focuses on significant matters
circulated to the BoD and it is management decisions and for such as strategy and policy.
ensured that the interested implementing the Company’s • Establishing adequate
director does not participate long and short term plans. internal control system in
in decision making and voting The CEO also communicates the Company and its regular
on the subject. These facts on behalf of the Company to assessment through self
are recorded in minutes of the shareholders, employees, assessment mechanism and
meeting. Any such conflicts Government authorities and internal audit activities.
of interests are recorded in other stakeholders.
Company’s statutory register • Relations with key
while disclosures of related Performance Stakeholders like Regulators,
party transactions are provided Evaluation of The Employees, Shareholders and
in financial statements. Board CBA are maintained by regular
and open communication.
The Board of Directors acts
Role of Chairman & as governing trustees of the • Building interaction with
Chief Executive Company on behalf of the Management to seek and
shareholders, while carrying obtain sufficient input to
The Chairman heads the support effective BoD
BoD meetings and ensures out the Company’s mission and decision-making.
effective functioning of the goals.
BoD. The Chairman acts as a Under requirement of Listed • Ensuring that the Directors
liaison between management Companies (Code of Corporate have full & common
64 PAKISTAN OILFIELDS LIMITED
