Page 79 - Pakistan Oilfield Limited - Annual Report 2022
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Annual Report 2022
Directors or any committee of certificates and nature of meeting. The Chairman ensures
Directors or General Meetings transaction which are notified that the Directors are properly
of the Company. by the Company Secretary to informed and that sufficient
the Board within the stipulated information is provided
The aggregate amount charged time. All such holdings have to enable them to form
in these financial statements been disclosed in the Pattern of appropriate judgments. The
in respect of fee to 7 directors Shareholdings. Chairman evaluates annually
(2021: 7) was Rs 9,139 thousand the effectiveness of the Board
(2021: Rs 7,885 thousand). This Conflict of Interest as a whole.
includes Rs 5,618 thousand Among Board
(2021: Rs 5,126 thousand) paid The Chief Executive is the
to 4 non-executive directors Members executive director who also acts
(2021: 4) of the Company. as the head of the company’s
A formal code of conduct is management. He is responsible
Security Clearance of in place governing the actual for leading the development
Foreign Directors or perceived conflict of and execution of the Company’s
interest relating to the Board
Foreign Directors elected on members of the Company. long term strategy with a
view to enhance value for
the Board of Pakistan Oilfields Under the guidelines of code shareholder. He is responsible
Limited requires security of conduct, every director is for day-to-day management
clearance from Ministry of required to disclose his interest decisions and for implementing
Interior through SECP. All legal in any contract, agreement the Company’s long and
formalities and requirements or appointment etc. These short term plans. The Chief
have been met and fulfilled in disclosures are circulated to Executive also communicates
this regard. the Board and it is ensured that on behalf of the Company to
the interested director does not the shareholders, employees,
Other Corporate participate in decision making Government authorities and
Governance and voting on the subject. other stakeholders.
These facts are recorded in
Other matters related to minutes of meeting. Any such Performance
Corporate Governance are conflict of interest is recorded Evaluation of the
annexed to the Annual Report. in Company’s statutory register
while disclosures of related Board
Trading in Shares party transactions are provided The Board of Directors acts
by Directors and in financial statements. as governing trustees of the
Executives Role of Chairman & Company on behalf of the
All direct or indirect trading Chief Executive shareholders, while carrying
out the Company’s mission and
and holdings of the Company’s The Chairman heads the Board goals.
shares by Directors, Chief meetings and ensures effective
Executive, substantial functioning of the Board. The Under requirement of Listed
shareholders, executives or Chairman acts as a liaison Companies (Code of Corporate
their spouses notify in writing between management and Governance) Regulations,
to the Company Secretary the Board. He has power to set 2019, a formal and effective
along with the price, number agenda, deliver instructions and mechanism is put in place for
of shares, form of share an annual evaluation of the
signs the minutes of the board
