Basic HTML Version
Role of Chairman &
Chief Executive
The Chairman heads the
board meetings and ensures
effective functioning of the
Board. The Chairman acts as a
liaison between management
and the Board. He has power to
set agenda, deliver instructions
and he signs the minutes of the
board meeting. The Chairman
ensures that the Directors
are properly informed and
that sufficient information is
provided to enable them to
form appropriate judgments.
The Chairman evaluates
annually the effectiveness of
the Board as a whole.
The Chief Executive (CEO) is
the executive director who
also acts as the head of the
company’s management. He
is responsible for leading the
development and execution
of the Company’s long term
strategy with a view to enhance
shareholder value. He is
responsible for day-to-day
management decisions and for
implementing the Company’s
long and short term plans.
The CEO also communicates
on behalf of the Company to
the shareholders, employees,
Government authorities and
other stakeholders.
Performance Evaluation
of The Board
The Board of Directors acts
as governing trustees of the
Company on behalf of the
shareholders, while carrying
out the Company’s mission and
goals.
Under requirement of Listed
Companies (Code of Corporate
Governance) Regulations,
2019, a formal and effective
mechanism is put in place for
an annual evaluation of the
board’s own performance,
members of board and of its
committees.
The Board of Directors sets the
following evaluation criteria to
judge its performance.
•
Review of the strategic plans
and business risks, monitor
Company’s performance
against the planned objectives
and advise the management
on strategic initiatives.
•
Working as a team, the Board
has the right blend of skills,
expertise and the appropriate
degree of diversity. The
Board focusses on significant
matters such as strategy and
policy.
•
Establishing adequate
internal control system in
the Company and its regular
assessment through self
assessment mechanism and
internal audit activities.
•
Relations with key
Stakeholders like Regulators,
Employers, Shareholders and
CBA are maintained by regular
and open communication.
•
Building interaction with the
Management to seek and
obtain sufficient input from
management to support
effective Board decision-
making.
•
Ensuring that the Directors
have full & common
understanding of their role
and responsibilities in the
light of Memorandum and
Articles of Association of
the Company and as per
prevailing laws.
•
Monitoring and evaluating the
management’s performance.
Performance Evaluation
of The Chief Executive
The Chief Executive (CEO),
being part of the Board, is
present in every meeting of the
Board. He provides an overview
of the Company’s performance
to the Board and addresses
any specific questions by
the Board members. The
performance of the CEO
is assessed through the
evaluation system set by the
company. The principle factors
of evaluation include financial
performance, business
processes, compliance,
business excellence and
people management.
59
PAKISTANOILFIELDS LIMITED