Page 45 - CCL AR 2017 Final

STATEMENT ON CORPORATE AND FINANCIAL
REPORTING FRAMEWORK Name of Directors Meetings Attended
Mr. Saquib H. Shirazi 6
• The financial statements prepared by the
management of the company present its state of Mr. Shamshad Nabi 4
affairs fairly, the result of its operations, cash
flows and changes in equity. Mr. Asif Qadir 5
• Proper books of account of the company have • During the year, four meetings of the Audit
been maintained. Committee were held. The attendance record of
each director is as follows:
• Appropriate accounting policies have been
consistently applied in preparation of financial Name of Directors Meetings Attended
statements and accounting estimates are based
on reasonable and prudent judgment. Mr. Akbarali Pesnani 4
• International Financial Reporting Standards, as Mr. Asif Qadir 3
applicable in Pakistan, have been followed in Mr. Arif Faruque 3
preparation of financial statements and any
departure therefrom has been adequately • During the year, two meetings of the Human
disclosed and explained. Resource and Remuneration Committee were
held. The attendance record of each director is as
• The system of internal controls is sound in design
and has been effectively implemented and follows:
monitored. Name of Directors Meetings Attended
• There are no significant doubts upon the Mr. Saquib H. Shirazi 2
company’s ability to continue as a going concern.
Mr. Shehryar Faruque 2
• There has been no material departure from the
best practices of corporate governance, as Mr. Azam Faruque 2
detailed in the listing regulations.
• Pattern of shareholding is annexed with the report
• Key operating and financial data for last six (6)
years in summarized form is annexed. • No trading in the shares of the Company was
made by the Chief Executive, Directors, Chief
• There is nothing outstanding against your Financial Officer and Company Secretary and
company on account of taxes, duties, levies and their spouses and minor children during the year
charges except for those which are being made in except for purchase of shares by Mr. Omar
normal course of business. Faruque.
• The Company maintains Provident and Gratuity • Earnings per share (EPS) during the year was Rs.
Fund accounts for its employees. Stated below 11.08 as against Rs. 7.96 last year.
are the values of the investments of the fund as on
June 30, 2017. UNIENERGY LIMITED
UniEnergy – a joint venture wind power project, has
Provident Fund Rs. 938 million
been granted Letter of Intent and formally allotted
Gratuity Fund Rs. 888 million land for setting up the project at Jhimpir, district
Thatta. The JV partners have made initial equity
• During the year, six meetings of the Board of
Directors were held. The attendance record of investment in the company to meet the ongoing
each director is as follows: financial requirements for the project. In this regard,
Cherat Cement has made an equity investment of Rs.
Name of Directors Meetings Attended 7.69 million following the approval of the
shareholders. At present, work on technical studies is
Mr. Omar Faruque 6
taking place on the project. Furthermore, the
Mr. Azam Faruque 6 management of the company is in the process of
getting approvals from various governmental
Mr. Akbarali Pesnani 5
agencies and is also in touch with financial
Mr. Shehryar Faruque 6 institutions for funding of the project.
Mr. Arif Faruque 6

43
Annual
Report 2017