Page 67 - Pakistan Oilfields Limited - Annual Report 2021
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understanding of their role and (both external and internal) safeguarding the Company’s
responsibilities in the light of including legal and regulatory assets, prevention and
Memorandum and Articles of risks and role and responsibility detection of fraud and errors,
Association of the Company of the directors as per accuracy and completeness of
and as per prevailing laws and regulatory laws applicable in books of account and timely
regulations. Pakistan along with an over preparation of reliable financial
view of the strategies, plans, information. Internal financial
• Monitoring and evaluating the marketing analysis, forecasts , controls are periodically
management’s performance.
budget and business plan. reviewed to ensure that these
Performance remain effective and are
Evaluation of The Directors Training updated with changing laws,
regulations and/or accounting
Chief Executive Program standards.
The Company ensures
The Chief Executive (CEO), that it meets requirements
being part of the Board, is of Securities & Exchange Related Party
present in every meeting of the Commission of Pakistan Transactions
Board. He provides an overview relating to Directors’ Training All transactions with related
of the Company’s performance Programme (DTP) and parties are reviewed by
to the Board and addresses attaining certification. Five the Audit Committee and
any specific questions by directors meet the exemption recommended to the Board
the Board members. The requirement of the DTP. The for approval on quarterly basis
performance of the CEO remaining two directors have fulfilling the requirements of
is assessed through the obtained certification under section 208 of the Companies
evaluation system set by the DTP. Act, 2017.
company. The principle factors
of evaluation include financial
performance, business Internal Financial Issues raised at Last
processes, compliance, Controls AGM
business excellence and The system of internal control Apart from general
people management.
is sound in design and has clarifications requested
been effectively implemented by the shareholders about
Formal Orientation at and monitored. Appropriate the Company’s financial
Induction accounting policies have performance and published
been consistently applied in financial statements during
When a new member is preparation of the financial the 69th Annual General
taken on board, it is ensured statements. We have Meeting held on October 19,
that he is provided with a developed effective policies 2020, no other issue was
detailed orientation of the and procedures over period raised.
Company. Orientation is mainly of time in all areas of our
focused on Company’s vision, activities. These controls/
strategies, core competencies, policies have been put in place
organizational structure, to ensure efficient and smooth
related parties, major risks
running of the business,
ANNUAL REPORT 2021 65
