Page 77 - Pakistan Oilfield Limited - Annual Report 2022

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Annual Report 2022
Directors’ Report
Corporate Governance

a) The financial statements, prepared by l) The values of investments in employee
management, present fairly its state of retirement funds based on financial
affairs, the result of its operations, cash statements of June 30, 2022 are as follows:
flows and changes in equity.
Management Staff
b) Proper books of account of the Company Pension Fund Rs 1,237 million
have been maintained.
Gratuity Fund Rs 589 million
c) Appropriate accounting policies have been
consistently applied in preparation of the Staff Provident Fund Rs 578 million
financial statements. Accounting estimates General Staff
are based on reasonable and prudent Provident Fund Rs 56 million
judgment.
Directors and Board Meetings
d) Accounting & Reporting Standards, as
applicable in Pakistan, have been followed in Total number of directors is seven as per the
the preparation of the financial statements. following:

e) The system of internal control is sound a. Male: 7
in design and has been effectively b. Female: None
implemented and monitored.
The composition of Board is as follows:
f) There are no doubts upon the Company’s
ability to continue as a going concern. Category Names

g) There has been no material departure from Independent Directors * Mr. Shamim Ahmad Khan
Mr. Tariq Iqbal Khan
the best practices of corporate governance, Other non-executive Mr. Laith G. Pharaon **
as detailed in the listing regulations. directors Mr. Wael G. Pharaon***

h) Significant deviations from last year’s Mr. Abdus Sattar
operating results have been disclosed Executive Directors Mr. Shuaib A. Malik
Mr. Sajid Nawaz
as appropriate in the Directors’ Report /
Chairman’s review and in the notes to the * Independent Directors qualify criteria of
financial statements, annexed to annual independence under regulation 6(3) of the Listed
Companies (Code of Corporate Governance)
report. Regulations, 2019.
** Alternate Director - Mr. Shuaib A. Malik, Chairman
i) The Company does not envisage corporate and Chief Executive of the Company
restructuring or discontinuation of its *** Alternate Director - Mr. Babar Bashir Nawaz
operations in the foreseeable future.
The board has formed committees comprising of
j) Key operating and financial data of the last members given below:
six years in summarized form is annexed to
annual report. a) Audit Committee
k) All major Government levies in the normal Name Role
course of business, payable as at June 30, Mr. Shamim Ahmad Khan Chairman
2022, have been cleared subsequent to year- Mr. Abdus Sattar Member
end. Mr. Babar Bashir Nawaz Member
Mr. Tariq Iqbal Khan Member