{"id":121,"date":"2019-09-19T08:09:50","date_gmt":"2019-09-19T08:09:50","guid":{"rendered":"https:\/\/gfg.com.pk\/cpl\/?page_id=121"},"modified":"2026-09-30T06:03:50","modified_gmt":"2026-09-30T06:03:50","slug":"governance","status":"publish","type":"page","link":"https:\/\/gfg.com.pk\/cpl\/governance\/","title":{"rendered":"GOVERNANCE"},"content":{"rendered":"
[vc_row full_width=”stretch_row” css=”.vc_custom_1573471500871{background-image: url(https:\/\/gfg.com.pk\/cpl\/wp-content\/uploads\/2019\/11\/corporateinformationslider.jpg?id=1023) !important;}” el_class=”inner-banner-head”][vc_column][vc_custom_heading text=”Governance” font_container=”tag:h3|text_align:center”][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1568977898943{background-color: #f7f7f7 !important;}” el_class=”sectionpadding chairmansreview-section”][vc_column][vc_custom_heading text=”CHAIRMAN’S REVIEW” font_container=”tag:h2|text_align:center” el_class=”mainsameheadmaroon”][vc_separator color=”custom” el_width=”10″ el_class=”centerlineshort”][vc_column_text css=””]The financial year ended June 30, 2026 marked a period of gradual economic recovery for Pakistan amid an exceptionally challenging global environment. Supported by macroeconomic stabilization measures, easing inflation, improved foreign exchange reserves and a more stable exchange rate, the economy demonstrated greater resilience. Nevertheless, the operating environment remained demanding, with high utility costs, taxation, and structural inefficiencies continuing to weigh on the competitiveness of the manufacturing sector. Despite these headwinds, Pakistan\u2019s economy recorded growth of approximately 3.7%, reflecting the resilience of the country\u2019s productive sectors.<\/p>\n

The most significant external challenge during the year was the conflict between the United States and Iran, which disrupted global energy markets and created uncertainty across international supply chains. The packaging industry including Cherat Packaging, experienced severe disruptions in supply of polymers and specialty raw materials, requiring companies to maintain greater operational flexibility, strengthen supplier relationships, and carefully manage inventories to ensure uninterrupted service to customers. Despite these challenges, the Company demonstrated commendable resilience by adapting quickly to the evolving geopolitical landscape and recorded a higher profitability compared to last year.<\/p>\n

You will be pleased to know that during the year, the Company successfully commissioned its second extrusion plant featuring a state-of-the-art barrier film line, significantly enhancing its capability to manufacture high-performance, value-added packaging solutions for food, pharmaceutical and other applications. This strategic investment strengthens its competitive position, expands its product portfolio and reduces dependence on external sources for specialty films. The Company also commissioned a 2.7 MW solar power system as part of its sustainability agenda and commitment to environmental stewardship. The project will substantially reduce our dependence on grid electricity, lower operating costs, mitigate exposure to energy price volatility and reduce carbon footprint. These investments reflect the Board\u2019s commitment to delivering sustainable growth and enhanced value for all stakeholders.<\/p>\n

The Company remains committed to environmental sustainability and community development through its Corporate Social Responsibility (CSR) initiatives in the fields of education, healthcare, and environmental stewardship In line with global practices. The Company continues to advance its Environmental, Social and Governance (ESG) journey by reducing carbon emissions, enhancing sustainability reporting, and creating long-term stakeholder value.<\/p>\n

The Board of Directors remained actively engaged in strategic oversight, addressing major risk areas, and ensuring robust corporate governance. All Directors, including Independent Directors, contributed to decision-making and the annual self-evaluation process in line with the Code of Corporate Governance.<\/p>\n

Looking ahead, the Company is well positioned to capitalize on market opportunities through operational excellence, financial discipline, and strategic investments. The management remains committed to delivering sustainable growth, enhancing shareholders\u2019 value, and navigating future challenges with resilience.<\/p>\n

I would like to extend my gratitude and appreciation to all the staff members, customers, suppliers, bankers, shareholders and the Board of Directors for their commitment and hard work.<\/p>\n

Akbarali Pesnani<\/h4>\n

Chairman[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column el_class=”sectionpadding bod”][vc_custom_heading text=”BOARD OF DIRECTORS” font_container=”tag:h2|text_align:center” el_class=”mainsameheadmaroon”][vc_separator color=”custom” el_width=”10″ el_class=”centerlineshort”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Akbar Ali Pesnani<\/h3>\n

Chairman<\/h4>\n

Mr. Akbar Ali Pesnani is an MBA and a fellow member of both the Institute of Chartered Accountants and Institute of Cost and Management Accountants of Pakistan. He was the Chairman of Gwadar Port and Gwadar Port Implementation Authority from 2004 to 2006, and has served on the Boards of, Mirpur Khas Sugar Mills, Clariant Pakistan Ltd and Agha Steel Limited. Mr. Pesnani has been associated with the Aga Khan Development Network (AKDN) at senior levels for over 49 years. Mr. Pesnani has also served as a Diplomatic Representative for AKDN in Tajikistan for 7 years and as an Envoy of His Highness the Aga Khan, in Afghanistan for about 2 years.<\/p>\n

Presently, he is the Chairman of Jubilee General Insurance Company Limited and the Aga Khan Cultural Service Pakistan. He is also a Director on the Boards of Cherat Cement Company Limited and Pakistan Cables Limited. His association with the Ghulam Faruque Group dates back almost 45 years.[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Amer Faruque<\/h3>\n

Chief Executive<\/h4>\n

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., CFS Minerals (Pvt.) Ltd. and Executive Director Marketing of Cherat Cement Co. Ltd. He is presently serving as a member of the Board of Governance of Ghulam Ishaq Khan (GIK) Institute of Engineering Sciences and Technology and is also Honorary Consul of Brazil in Peshawar. In the past he has served as a member of Lahore University of Management Sciences (LUMS) and the Centre of International Private Enterprise (CIPE).[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Aslam Faruque<\/h3>\n

Director<\/h4>\n

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 Engineering Services (Pvt.) Ltd.<\/p>\n

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.[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Shehryar Faruque<\/h3>\n

Director<\/h4>\n

Mr. Shehryar Faruque is a graduate from Davis & Elkins College, Elkins, WV, USA. He serves on the Board of Directors of Faruque (Private) Limited, Zensoft (Private) Limited, Greaves Airconditioning (Private) Limited and CFS Minerals (Private) Limited.<\/p>\n

In the past, he has served as Director of Cherat Cement Company Limited, Mirpurkhas Sugar Mills Limited, Greaves CNG (Private) Limited, Greaves Pakistan (Private) Limited, NBP Fullerton Asset Management Company (NAFA) and Summit Bank Limited.[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Arif Faruque<\/h3>\n

Director<\/h4>\n

Mr. Arif Faruque is a Swiss – qualified Attorney-at-Law and also holds Masters degrees in both Law and Business Administration from the United States of America. He also completed the Owner President Management 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. and Cherat Cement Company Ltd. Besides the above, he is also a member of the Board of Governors of Lahore University of Management Sciences (LUMS).[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Abid Vazir<\/h3>\n

Director<\/h4>\n

Mr. Abid Vazir has been associated with Ghulam Faruque Group since 2000. He is currently serving as the Director and Chief Operating Officer of Cherat Packaging Limited. Furthermore, he is also serving as the Director of Jubilee General Insurance Company Ltd., Greaves Airconditioning (Pvt.) Ltd., Greaves Engineering Services (Pvt.) Ltd., and Greaves CNG (Pvt.) Ltd. Mr. Vazir is also a member of the Executive Committee of the Management Association of Pakistan and is currently serving as its Vice President.<\/p>\n

Mr. Abid Vazir holds an MBA degree from Lahore University of Management Sciences (LUMS), enrolled in the Dean\u2019s Honors List. He belongs to the first batch of graduates of College of Business Management (IoBM) 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). [\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Sher Afzal Khan Mazari<\/h3>\n

Director<\/h4>\n

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.<\/p>\n

After graduating from Boston University, Sher Afzal began his professional career with ICI and then moved to Unilever, where he worked for 25 years, both in Pakistan and then overseas. During this time, he has worked in senior Management roles, across regions as diverse as Asia, Middle East and Africa.<\/p>\n

He is deeply committed to driving a sustainable business agenda, and believes that ECG integration, corporate sustainability and stakeholder stewardship are at the heart of Corporate Governance and integral to the long-term benefit of all stakeholders and the environment.<\/p>\n

Sher Afzal\u2019s deep understanding and knowledge of operating across developed, developing 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.[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Ms. Maleeha Humayun Bangash<\/h3>\n

Director<\/h4>\n

Ms. Maleeha Bangash is a highly accomplished Corporate & Investment Banking, Digital Banking & Financial Industry expert with a vast experience obtained in Singapore, T\u00fcrkiye and Pakistan. She has a diverse background, having worked in the textile and telecommunications industries, as well as banking, financial services, and investments.<\/p>\n

Ms. Bangash 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 LUMS, in Finance & Marketing.<\/p>\n

As a strategist and result oriented leader, she has demonstrated the ability of setting up and building highly successful companies as well as turning around troubled firms into profitable market players, by driving revenues and growth. She brings with her 20 years\u2019 C-Suite experience in Banking & Investment, Private Equity\/V.C, Mergers & Acquisitions & Capital Markets. She is passionate about financial inclusion and has been involved in Fintech\/ Digital Banking space for the past 9 years in various capacities.<\/p>\n

As the CEO of BAJO Digital Venture, USA she is working on Digital Banking, Financial Inclusion, Credit Scoring\/Fintech, and Digital Transformation projects. Additionally, she is working on various, digital banking, AI, Innovation and Technology projects in Singapore, China, Japan, T\u00fcrkiye and the USA.<\/p>\n

Most recently engaged as CEO\/MD ICRU World Bank Group and in IFC-International Finance Corporation, Singapore as expert (consultant) Digital Banking transformation, Climate\/Green Banking & SME (East Asia Pacific region). She has served as Founding Member (Commissioner) CCP, where she led areas of Advocacy, Mergers & Acquisitions Review, and Competition Research, she recently served as Ambassador for the SME Finance Forum, Washington (A G20 Initiative managed by the IFC), and is an active member of the Singapore FinTech Association- SFA.<\/p>\n

Ms. Maleeha Bangash commenced her career in Corporate & Investment Banking and has worked in Corporate Banking group of HBL Bank, Singapore. In Makara Capital (Global Capital Partners), Singapore she originated and structured Private Equity (early stage) & Venture Capital deals. She covered UAE, South Asia and Southeast Asia Investors and Projects. In Global Strategies Pte. Ltd., Singapore, Maleeha Bangash, developed investment options by initiating alliances, negotiating agreements with Citibank, Credit Suisse, Merrill Lynch, Morgan Stanley and UBS as product\/platform providers. Her responsibilities included portfolio management (Capital Markets\/Equity Markets); managing client portfolios, for Investors\/ Clients from Singapore, South Africa, Mainland China, Hong Kong, Malaysia, United Kingdom, India, Australia, New Zealand. As Dy. Chief Executive Officer, she successfully turned around AL Habib Asset Mgt.<\/p>\n

Ms. Bangash received the 100 Most Prominent Women in Anti-Trust (Global) award in 2009 & 2018 selected on merit (profile and achievement). She received Miracle Woman Award for outstanding professional achievements in Banking & Finance. She has attended international workshops and obtained certifications from international institutions including OECD, ICN, The Hague Academy, IFC\/ World Bank Group, Finastra UK, Rekabet Kurumu, KOSGEB. She also speaks the Turkish language which she learnt at TOMER Ankara.[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row][vc_row el_class=”sectionpadding boardcontent-section”][vc_column][vc_column_text css=””]\n

Mr. Muhammad Abdul Samie Cashmiri<\/h3>\n

Director<\/h4>\n

Samie Cashmiri serves as Chief Executive Officer at HRSG, bringing over 30 years of leadership experience across retail, consumer durables, life sciences, and quick service restaurants. With a strong track record of driving growth, transformation, and operational excellence, he leads the organization with a clear focus on strengthening strategic direction and delivering sustained business performance.<\/p>\n

Prior to joining HRSG, he served as CEO of International Franchises Limited, where he led the transformation of a multi-brand portfolio and drove performance improvements across the business. His earlier senior roles at Khaadi Pakistan Ltd., ICI Pakistan, and AkzoNobel (Asia Pacific) reflect his contribution to business expansion, strategic investments, and the development of high-performing teams.<\/p>\n

He brings a disciplined yet people-first leadership approach, grounded in strategic planning, P&L leadership, organizational transformation, and commercial execution. Focused on building accountability and ownership across teams, Samie emphasizes outcomes that are both measurable and sustainable, supporting HRSG\u2019s continued growth and long-term value creation.[\/vc_column_text][vc_separator color=”custom” el_class=”fulllinemaroon”][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row full_width=”stretch_row” css=”.vc_custom_1573471500871{background-image: url(https:\/\/gfg.com.pk\/cpl\/wp-content\/uploads\/2019\/11\/corporateinformationslider.jpg?id=1023) !important;}” el_class=”inner-banner-head”][vc_column][vc_custom_heading text=”Governance” font_container=”tag:h3|text_align:center”][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1568977898943{background-color: #f7f7f7 !important;}” el_class=”sectionpadding chairmansreview-section”][vc_column][vc_custom_heading text=”CHAIRMAN’S REVIEW” font_container=”tag:h2|text_align:center” el_class=”mainsameheadmaroon”][vc_separator color=”custom” el_width=”10″ el_class=”centerlineshort”][vc_column_text css=””]The financial year ended June [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-121","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/pages\/121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/comments?post=121"}],"version-history":[{"count":87,"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/pages\/121\/revisions"}],"predecessor-version":[{"id":2076,"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/pages\/121\/revisions\/2076"}],"wp:attachment":[{"href":"https:\/\/gfg.com.pk\/cpl\/wp-json\/wp\/v2\/media?parent=121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}