Page 50 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED
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
determining remuneration of directors b) review of annual and interim financial
(both executive and non-executive directors statements of the company, prior to their
and members of senior management). The approval by the Board of Directors, focusing on:
definition of senior management will be (i) major judgemental areas;
determined by the board which shall normally
include the first layer of management below (ii) significant adjustments resulting from
the chief executive officer level; the audit;
b) recommending human resource management (iii) going concern assumption;
policies to the board; (iv) any changes in accounting policies and
c) recommending to the board the selection, practices;
evaluation, development, compensation (v) compliance with applicable accounting
(including retirement benefits) of chief standards;
operating officer, chief financial officer,
company secretary and head of internal (vi) compliance with these regulations
audit; and other statutory and regulatory
d) consideration and approval on requirements; and
recommendations of chief executive officer (vii) all related party transactions.
on such matters for key management c) review of preliminary announcements of
positions who report directly to chief results prior to external communication and
executive officer or chief operating officer; publication;
and

e) where human resource and remuneration d) facilitating the external audit and discussion
consultants are appointed, their credentials with external auditors of major observations
shall be known by the committee and a arising from interim and final audits and any
statement shall be made by them as to matter that the auditors may wish to highlight
whether they have any other connection with (in the absence of management, where
the company. necessary);