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During the year, the Board of Directors met five times. The number of meetings attended by each
director during the year is as follows:
Sr. No.
Name of Director
Board of
Directors
Meetings
Audit
Committee
Meetings
HR & R
Committee
Meetings
1 Mr. Laith G. Pharaon
5*
1*
2 Mr. Wael G. Pharaon
5*
4*
1*
3 Mr. Shuaib A. Malik
5
1
4 Mr. Abdus Sattar
5
4
1
5 Mr. Sajid Nawaz
5
6 Mr. Tariq Iqbal Khan
5
4
7 Mr. Nihal Cassim
3
2
* Overseas directors attended the meetings either in person or through alternate directors.
Board Meetings Held
Outside Pakistan
All Board meetings were held in
Pakistan except for two Board
meetings which were held in
Dubai on July 29, 2019 and
January 21, 2020 respectively.
Directors’ Remuneration
The Board of Directors is
authorized to determine, review
and amend from time to time
the fee structure for attending
the meetings of the Board or
any committee of the Directors.
A Director may also be paid
all travelling, hotel and other
expenses properly incurred by
him in attending and returning
from meetings of the Directors
or any committee of Directors
or General Meetings of the
Company.
Security Clearance of
Foreign Directors
Foreign Directors elected on
the Board of Pakistan Oilfields
Limited requires security
clearance from Ministry of
Interior through SECP. All legal
formalities and requirements
have been met and fulfilled in
this regard.
Other Corporate
Governance
Other matters related to
Corporate Governance are
annexed to the Annual Report.
Trading in Shares
by Directors and
Executives
All direct or indirect trading and
holdings of Company’s shares
by Directors, CEO, substantial
shareholders, executives or
their spouses notify in writing
to the Company Secretary
along with the price, number
of shares, form of share
certificates and nature of
transaction which are notified
by the Company Secretary to
the Board within the stipulated
time. All such holdings have
been disclosed in the Pattern
of Shareholdings.
Conflict of Interest
Among Board Members
A formal Code of conduct
is in place governing the
actual or perceived conflict of
interest relating to the Board
members of the Company.
Under the guidelines of code
of conduct, every director
is required to disclose his
interest in any contract,
agreement or appointment
etc. These disclosures are
circulated to the Board and it
is ensured that the interested
director does not participate
in decision making and voting
on the subject. These facts
are recorded in minutes of
meeting. Any such conflicts
of interests are recorded in
Company’s statutory register
while disclosures of related
party transactions are provided
in financial statements.
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PAKISTANOILFIELDS LIMITED