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Formal Orientation at Induction
When a new member is taken on board, it is
ensured that he is provided with a detailed
orientation of the Company. Orientation is
mainly focused on Company’s vision, strategies,
core competencies, organizational structure,
related parties, major risks (both external and
internal) including legal and regulatory risks and
role and responsibility of the directors as per
regulatory laws applicable in Pakistan along with
an over view of the strategies, plans, marketing
analysis, forecasts , budget and business plan.
Directors Training Program
The Company ensures that it meets
requirements of Securities & Exchange
Commission of Pakistan relating to Directors’
Training Programme (DTP) and attaining
certification. Five directors meet the exemption
requirement of the DTP. The remaining two
directors have obtained certification under DTP.
Internal Financial Controls
The system of internal control is sound in design
and has been effectively implemented and
monitored. Appropriate accounting policies
have been consistently applied in preparation
of the financial statements. We have developed
effective policies and procedures over period of
time in all areas of our activities. These controls/
policies have been put in place to ensure
efficient and smooth running of the business,
safeguarding the Company’s assets, prevention
and detection of fraud and errors, accuracy and
completeness of books of account and timely
preparation of reliable financial information.
Internal financial controls are periodically
reviewed to ensure that these remain effective
and are updated with changing laws, regulations
and/or accounting standards.
Related Party Transactions
All transactions with related parties are reviewed
by the Audit Committee and recommended
to the Board for approval on quarterly basis
fulfilling the requirements of section 208 of the
Companies Act, 2017.
Issues raised at Last AGM
Apart from general clarifications requested
by the shareholders about the Company’s
financial performance and published financial
statements during the 68th Annual General
Meeting held on September 17, 2019, no
other issue was raised.
Addressing Investors Grievances
The interest of small investors and minority
shareholders is of prime importance to the
Company. In order to keep a vigilant eye and to
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PAKISTANOILFIELDS LIMITED