pict governance

The board of our company maintains an effective oversight of the operations of the company, frames pressure-test strategies and provides leadership on the matters of governance.

GOVERNANCE

Our Board acknowledges its responsibilities to maintain effective oversight of the operations of the Company through quarterly meetings of the Board and its committees.

The Board, meets at least four times during the year to discuss the performance and future strategy for the business in the competitive environment. It also carries out self-evaluation of its own performance during the year. The overall aim is to measure the current performance of the Board and identify areas for improvement in future years. The Board receives comprehensive agendas and supporting papers in a timely manner for its Board meetings. All the Directors, including the Independent Director, fully participate in and make contributions to the decision-making process of the Board.

The Board reviews the Company’s financial operations and position at regular intervals by means of interim accounts, reports, and other financial and statistical information.

Committees

The Board constitutes an independent audit committee, a human resource and remuneration committee and risk management committee to further strengthen the governance of the Company. The activities of our internal audit department are overseen by the Audit Committee which regularly monitors the performance of the department through review of the internal audit reports on quarterly basis and accordingly apprises the Board of its findings and resolutions of identified control deficiencies.

The Audit Committee, Human Resources & Remuneration Committee and Risk Management Committee of the Board meet regularly to strengthen the functions of the board.

Shareholding Patterns

The underlying values of the Company’s Code of Conduct are based on honesty, integrity and openness along with respect for human rights and interests of the employees. The Company’s Code of Conduct promotes guidelines on various ethical standards including issues such as conflict of interest, employee rights etc. The Board ensures that Code is disseminated to, understood and observed by employees. The responsibility for day to day implementation and monitoring of the Code is delegated to the senior management.

Code of Conduct

The underlying values of the Company’s Code of Conduct are based on honesty, integrity and openness along with respect for human rights and interests of the employees. The Company’s Code of Conduct promotes guidelines on various ethical standards including issues such as conflict of interest, employee rights etc. The Board ensures that Code is disseminated to, understood and observed by employees. The responsibility for day to day implementation and monitoring of the Code is delegated to the senior management.

Auditors

Ernst & Young Ford Rhodes

Chartered Accountants, 6th Floor, Progressive Plaza, Beaumont Road, P.O. Box 15541, Karachi – 75530

Legal Advisor

Usmani & Iqbal