Basic HTML Version
BOARD COMMITTEES
Human Resource and
Remuneration (HR&R) Committee
Composition
Mr. Babar Bashir Nawaz
- Chairman
Mr. Shuaib A. Malik
- Member
Mr. Abdus Sattar
- Member
Terms of reference
The Terms of reference of committee shall be
determined by the board of directors which may
include the following:
a) recommend to the board for consideration
and approval a policy framework for
determining remuneration of directors (both
executive and non-executive directors
and members of senior management). The
definition of senior management will be
determined by the board which shall normally
include the first layer of management below
the chief executive officer level;
b) recommending human resource
management policies to the board;
c) recommending to the board the selection,
evaluation, development, compensation
(including retirement benefits) of chief
operating officer, chief financial officer,
company secretary and head of internal
audit;
d) consideration and approval on
recommendations of chief executive officer
on such matters for key management
positions who report directly to chief
executive officer or chief operating officer;
and
e) where human resource and remuneration
consultants are appointed, their credentials
shall be known by the committee and a
statement shall be made by them as to
whether they have any other connection with
the company.
Audit Committee
Composition
Mr. Shamim Ahmad Khan
- Chairman
Mr. Abdus Sattar
- Member
Mr. Babar Bashir Nawaz
- Member
Mr. Tariq Iqbal Khan
- Member
Terms of reference
The Terms of Reference of the Audit Committee
include the following:
a) determination of appropriate measures to
safeguard the company’s assets;
b) review of annual and interim financial
statements of the company, prior to their
approval by the Board of Directors, focusing on:
(i)
major judgmental areas;
(ii) significant adjustments resulting from
the audit;
(iii) going concern assumption;
(iv) any changes in accounting policies and
practices;
(v) compliance with applicable accounting
standards;
(vi) compliance with these regulations
and other statutory and regulatory
requirements; and
(vii) all related party transactions.
c) review of preliminary announcements of
results prior to external communication and
publication;
d) facilitating the external audit and discussion
with external auditors of major observations
arising from interim and final audits and any
matter that the auditors may wish to highlight
(in the absence of management, where
necessary);
34
PAKISTANOILFIELDS LIMITED