Page 80 - Pakistan Oilfield Limited - Annual Report 2022
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PAKISTAN OILFIELDS LIMITED
Directors’ Report
Corporate Governance
Board’s own performance, understanding of their role legal and regulatory risks and
members of the Board and of and responsibilities in the role and responsibility of the
its committees. light of Memorandum and directors as per laws applicable
Articles of Association of in Pakistan along with an
The Board of Directors sets the the Company and as per overview of the strategies,
following evaluation criteria to prevailing laws. plans, marketing analysis,
judge its performance. forecasts , budget and business
g. Monitoring and evaluating
a. Review of the strategic the management’s plan.
plans and business risks, performance. Directors Training
monitor the Company’s
performance against the Performance Program
planned objectives and Evaluation of the
advise the management on The Company ensures that
strategic initiatives. Chief Executive it meets requirements of
Securities & Exchange
b. Working as a team, the The Chief Executive, being Commission of Pakistan
Board has the right blend part of the Board, is present relating to Directors’ Training
of skills, expertise and in every meeting of the Board. Programme (DTP). Five
the appropriate degree of He provides an overview of the directors meet the exemption
diversity. The Board focuses Company’s performance to requirement of the DTP. The
on significant matters such the Board and addresses any remaining two directors have
as strategy and policy. specific questions by the Board obtained certification under
members. The performance of DTP.
c. Establishing adequate the Chief Executive is assessed
internal control system through the evaluation system Internal Financial
in the Company and its set by the Company. The main Controls
regular assessment through factors of evaluation include
self assessment mechanism financial performance, business The system of internal control
and internal audit activities. processes, compliance, is sound in design and has
business excellence and people been effectively implemented
d. Relations with key and monitored. Appropriate
Stakeholders like management. accounting policies have
Regulators, Employees, Formal Orientation at been consistently applied in
Shareholders and CBA are preparation of the financial
maintained through regular Induction statements. We have developed
and open communication. When a new member is taken effective policies and
e. Building interaction with on board, it is ensured that procedures over period of time
the Management to seek he is provided with a detailed in all areas of our activities.
and obtain sufficient input orientation of the Company. These controls/policies have
from management to Orientation is mainly focused been put in place to ensure
support effective Board on the Company’s vision, efficient and smooth running
decision-making. strategies, core competencies, of the business, safeguarding
organizational structure, related the Company’s assets,
f. Ensuring that the Directors parties, major risks (both prevention and detection of
have full & common external and internal) including fraud and errors, accuracy
