CHAIRMAN'S REVIEW
The country continues to face unprecedented challenges on account of rising inflation, fiscal slippages, low foreign exchange reserves and unsettled political environment. Some of the measures taken by the government to address serious economic issues and meet IMF conditionalites have created more challenges and difficulties for the businesses and industries. Import restrictions, historically high discount rates, and increasing energy costs have further compounded the situation. Although, having taken tough and difficult decisions the government was able to avoid default and clinch the requisite deal with IMF, the country needs a long term macroeconomic plan and fiscal discipline to bring about the desired stability and create an environment for attracting investment. Additional taxes imposed through the finance bill, including super tax, to generate more revenue could prove counterproductive in the long run. The imposition of super tax has also adversely impacted the net results of the Company.
With careful planning and diligently managing the resources, the Company has been able to navigate the economic challenges and continues to serve its customers and meeting their needs in a timely manner. With its state-of-the-art equipment, well qualified personnel, and delivering required packaging solutions, it has become one of the leading players in the packaging industry. The Flexible Packaging Division continues to receive encouraging response from the market. During the year, the Company successfully commissioned its second Rotogravure printer and also placed the order for another Flexographic printer.
I am pleased to report that the Board of Directors has performed its duties and responsibilities diligently and has contributed strategically in guiding the management to successfully overcome the challenges. It focused on major risk areas and remained actively involved in the strategic planning process of the Company. The Board recognizes that well defined corporate governance processes are important to preserve and enhance stakeholders’ value. All Directors, including Independent Directors, fully participated and contributed in the decision making process of the Board. The Board carried out its annual self-evaluation in line with the requirements of Code of Corporate Governance.
The Company has continued to focus on growth and diversification to meet the changing demands of its customers thus ensuring long term sustainability, reliability and value creation for its stakeholders. In an era characterized by the manifestations of climate change, the Company has directed its focus towards the mitigation of its carbon footprint. This involves the active promotion of green energy through the utilization of solar and hydroelectric power. This year, the Company successfully fulfilled around 40% of its energy requirement through these sustainable channels. This accomplishment not only facilitated a reduction in the Company’s carbon footprint but also proved to be an economically prudent measure.
I would like to extend my thanks and appreciation to all the staff members, customers, suppliers, bankers, shareholders and the Board of Directors for their commitment and hard work.
Akbarali Pesnani
Chairman
BOARD OF DIRECTORS
Mr. Akbar Ali Pesnani
Chairman
Mr. Akbarali Pesnani is an MBA and fellow member of both the Institute of Chartered Accountants and Institute of Cost and Management Accountants of Pakistan. He has served as Chairman Gwadar Port and Gwadar Port Implementation Authority from 2004 to 2006. Mr. Pesnani has been associated with the Aga Khan Development Network at senior levels for over 48 years. Presently he is the Chairman of Aga Khan Cultural Service Pakistan, Jubilee General Insurance Co. Ltd. and a Director on the Board of Cherat Packaging Ltd., Agha Steel Ltd. and Pakistan Cables Ltd. His association with the Ghulam Faruque Group dates back almost 42 years.
Mr. Amer Faruque
Chief Executive
Mr. Amer Faruque is the Chief Executive of the Company. He is a Bachelor of Science (BS) graduate in Business Administration majoring in Management / Marketing from Drake University, Des Moines, Iowa, USA. He serves as a member of the Board of Directors of Mirpurkhas Sugar Mills Ltd., Faruque (Pvt.) Ltd., Greaves Pakistan (Pvt.) Ltd., Greaves CNG (Pvt.) Ltd., and Executive Director Marketing of Cherat Cement Co. Ltd. In the past he has served as a member of the Board of Governors of Ghulam Ishaq Khan (GIK) Institute of Engineering Sciences and Technology and Lahore University of Management Sciences (LUMS) and the Center of International Private Enterprise (CIPE). He is also the Honorary Consul of Brazil in Peshawar.
Mr. Aslam Faruque
Director
Mr. Aslam Faruque is a graduate with a major in Marketing. He is the Chief Executive of Mirpurkhas Sugar Mills Ltd., Unicol Ltd. and UniEnergy Ltd. He is on the Board of Directors of Greaves Airconditioning (Pvt.) Ltd. and Greaves Engineering Services (Pvt.) Ltd.
In the past, he has served as the Chairman and Senior Vice Chairman of Pakistan Sugar Mills Association – Center. He also served as Chairman of Pakistan Sugar Mills Association Sindh Zone, and Director of Sui Southern Gas Company Ltd., State Life Insurance Corporation of Pakistan and Pakistan Industrial Development Corporation.
Mr. Shehryar Faruque
Director
Mr. Shehryar Faruque is a graduate from Davis & Elkins College, Elkins, WV, USA. He serves on the Board of Directors of Faruque (Private) Limited and Zensoft (Private) Limited.
Mr. Arif Faruque
Director
Mr. Arif Faruque is a Swiss – qualified Attorney-at-Law and also holds Masters degrees in both Law and Business Administration from the USA and is currently enrolled in the OPM Program at Harvard Business School. He is the Chief Executive of Faruque (Pvt.) Ltd. He is on the Board of Directors of Mirpurkhas Sugar Mills Ltd., Cherat Packaging Ltd. and UniEnergy Ltd. Besides the above, he is also a member of the Board of Governors of Lahore University of Management Sciences (LUMS).
Mr. Ali H. Shirazi
Director
Mr. Ali H. Shirazi graduated with a BA from Yale University, U.S.A. in 2000 and thereafter completed his Masters in Law from Bristol University, U.K. in 2005. He has worked with the Bank of Tokyo-Mitsubishi in New York as well as American Honda in Torrance, California. He is Group Director Financial Services and President / Chief Executive of Atlas Battery Limited. He is on the Board of Atlas Asset Management Limited, Atlas Insurance Limited, National Management Foundation (sponsoring body of LUMS), National Foods Limited, Cherat Packaging Limited, Pakistan Cables Limited and Pakistan Society for Training and Development. Previously, he has also served on the Board of National Clearing Company of Pakistan Limited (NCCPL).
He is a ‘Certified Director’ from the Pakistan Institute of Corporate Governance and in 2018 completed the Owner / President Management Program (OPM) from Harvard Business School.
Mr. Abid Vazir
Director
Mr. Abid Vazir has been associated with Ghulam Faruque Group since 2000. He is serving as the Director and Chief Operating Officer of Cherat Packaging Limited. Furthermore, he is also serving as the Chief Executive of Greaves Airconditioning (Pvt.) Ltd. and Greaves Engineering Services (Pvt.) Ltd. Mr. Vazir is also a member of the Executive Committee of the Management Association of Pakistan.
Mr. Abid Vazir holds an MBA degree from Lahore University of Management Sciences (LUMS), enrolled in the Dean’s Honors List. He belongs to the first batch of graduates of College of Business Management (loBM) and holds an MBA degree from the Institute. Mr. Vazir is an Associate member of the Institute of Chartered Secretaries of Pakistan and a Certified Director from Pakistan Institute of Corporate Governance (PICG).
Mr. Sher Afzal Khan Mazari
Director
Mr. Sher Afzal Mazari is a progressive agriculturist who is committed to developing long term sustainable solutions to the current challenges of farming and land management. Prior to this, he had a 34-year corporate career across a range of industries from Chemicals to Foods and Fast-Moving Consumer Goods.
After graduating from Boston University, Sher Afzal began his career with ICI and then moved to Unilever, where he worked for 25 years. During this time, he has worked in senior General Management, Marketing, Communications Corporate Affairs and Sustainable Business roles, initially in Pakistan and then overseas, covering regions as diverse as Asia, Middle East and Africa.
He is deeply committed to driving a sustainable business agenda, and believes that the ESG framework should be at the core of business strategy and operations, for the long-term benefit of all stakeholders and the environment.
Mr. Sher Afzal’s deep understanding and knowledge of operating in developing, emerging and frontier markets has convinced him on the vital need for tailoring global business best practice to suit local environments. He is also a firm believer in ethical and transparent business operations that not only meet local regulatory requirements but are also in strict compliance with global standards of corporate governance.
Ms. Maleeha Humayun Bangash
Director
Ms. Maleeha Mimi Bangash is d recognized Bonking & Financial Industry expert and practitioner with rich experience of more than 24 years obtained in Singapore, Turkey and Pakistan primarily in Banking & Financial Services.
Ms. Bangash has obtained her MBA from University of Chicago, Booth School of Business, in Investment & Finance, where she graduated with Honors. Earlier, she had obtained an MBA from Lahore University of Management Sciences, in Finance & Marketing.
During her career, Ms. Bangash has demonstrated the ability to successfully set up and/or take organizations to the next level, delivering unprecedented results in her roles of Managing Director, Dy. CEO, Group Head/ SEVP, Founding Member/ Commissioner, Chief Strategy Officer and so on. She brings with her C-Suite and top leadership experience in Digital Banking, Corporate & Investment Banking, in Pakistan & Singapore. She has executed transactions and business in markets across Europe, East Asia & Pacific, South Asia & South Africa. She is experienced in Access to Finance/Financial Inclusion (MicroSMEs, Women, Youth & start-ups) Development Finance, Climate/Green Finance, Social Impact Investment & Sustainable Development Goals. She is presently engaged in various initiatives of Technology driven finance.
Ms. Bangash is currently engaged by World Bank Group-International Finance Corporation, Financial Institutions Group Singapore as Consultant- Expert Digital Banking, for East Asia & Pacific. She previously held the position of Managing Director for the World Bank Group’s Investment Climate Reform Unit (Punjab Government); she has advised the KP Minister Finance, on Access to Finance/ Financial Inclusion, EODB/investment Climate (Khyber Pakhtunkhwa Government).
Recently Ms. Maleeha Mimi Bangash has been advisor to Royale Nova Group, Chairman His Highness Shaikh Khalid bin Mohammed bin Salman Al Khalifa of Bahrain regarding various investments, including acquisition of a Bank, setting up a Digital Banking Fintech, and expanding the foot print of and Swiss Investment bank.
Ms. Bangash also served as Founding Member Competition Commission of Pakistan (Federal Government), where she set up and developed the Mergers & Acquisitions regime, set up the Competition Consultative Group and passed several speaking orders which got international recognition. She has structured & proposed innovative finance models including Specialized Investment Vehicles, Environment Endowment, Social Impact Bond/Dev Impact Bond & Blended Finance Investment Vehicles.
As Dy. CEO she successfully turned around Habib Asset Management. A seasoned banking and business strategy professional, she has worked in leading Financial Institutions in Pakistan and Singapore.
Ms. Maleeha Mimi Bangash is a certified Director from PICG.
