Page 128 - Pakistan Oilfield Limited - Annual Report 2022
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PAKISTAN OILFIELDS LIMITED
Statement of Compliance with Listed Companies
(Code of Corporate Governance) Regulations, 2019
For the year ended June 30, 2022
12. The Board has formed committees and Exchange Commission of Pakistan has
comprising of members given below: undertaken that no action contrary to the law
a) Audit Committee would be taken against the Company.
The Chairman and Chief Executive is the
Name Role same person. The duties of both positions
Mr. Shamim Ahmad Khan Chairman are distinct and clearly spelled out. These
Mr. Abdus Sattar Member positions are handled by one person since long
Mr. Babar Bashir Nawaz Member who is managing the affairs of the Company
Mr. Tariq Iqbal Khan Member successfully. He has exhaustive knowledge and
b) HR and Remuneration Committee experience of the Company’s business and the
Board is very much satisfied and considers him
Name Role the most suitable person for these positions.
Mr. Babar Bashir Nawaz Chairman *
Mr. Shuaib A. Malik Member The Board itself has constituted Audit Committee
Mr. Abdus Sattar Member and HR & Remuneration Committee and also
feels that there is no need to have separate
* Chairman of HR & Remuneration Committee is Nomination Committee.
a non-executive director having vast experience
of management and the Board considers him the The Board itself and through its Audit Committee
most suitable for this position who has the required continuously reviews business risks facing
knowledge and experience.
the Company to ensure that a sound system
A constitutional petition filed by the Company of risk identification, risk management and
is currently pending in the Sindh High Court implementation of related systemic and internal
challenging compliance with below mentioned controls exists. Major risks and mitigating
requirements and to declare that the impugned factors are also published in annual report of the
provisions, namely Section 166, proviso to Company. The Board feels that there is no need
Section 154 of the Companies Act 2017; to have separate Risk Management Committee.
Regulations 6,7,9,16,28 and 29 of the Listed
Companies (Code of Corporate Governance) 13. The terms of reference of the aforesaid
Regulations, 2017 [which are now replaced by committees have been formed, documented
Regulation 6, 7, 9, 27, 28 (Regulation 16 of 2017 and advised to the committee for
Regulations deleted) of the Listed Companies compliance.
(Code of Corporate Governance) Regulations, 14. The frequency of meetings (quarterly/half
2019]; S.R.O 556(i)/2018; and S.R.O 73(i)/2018 yearly/ yearly) of the committee were as per
relating to appointment of independent directors following:
on the Board of Directors, appointment of
independent director as Chairman of the Audit Committee Frequency
Committee and HR & Remuneration Committee, Audit Committee Quarterly
appointment of female director on the Board HR and Remuneration
and appointment of separate persons as Committee Yearly
Chairman of the Board and Chief Executive of 15. The Board has set up an effective internal
the Company are illegal and unconstitutional audit function.
and to strike them down; and to further declare 16. The statutory auditors of the company have
that shareholders are lawfully entitled to elect confirmed that they have been given a
Directors and to elect a Chairman of the Board satisfactory rating under the Quality Control
of Directors without reference to the impugned Review program of the Institute of Chartered
provisions. The law officer of Securities Accountants of Pakistan and registered
