Page 79 - CCL AR 2017 Final

Board Effectiveness profitability of the Company. In order to execute
day-to-day operations / transactions delegation of
All Board members understand and fulfill their powers has also been defined clearly and formalized
responsibilities and comply with all relevant laws. procedures are followed for their execution. All the
Significant issues are placed in front of the Board for matters required by the Companies Ordinance, 1984
consideration. Board ensures a healthy relationship are referred to the Board of Directors for their approval.
with the stakeholders through adequate disclosures.
Board Meetings held outside Pakistan
Board Accountability
During the year, 6 meetings of the Board of Directors
The Board reviews adequacy on internal controls, were held. As recommended by SECP Guidelines and
potential risks and risk management procedure. The to keep the costs in control, the management has
Board is cognizant of its fiduciary responsibilities. conducted all meetings in Pakistan.
Strategy and Performance

The Board reviews the implementation of organization's
strategic & financial plans, Board meeting agendas and
supporting documents provide sufficient information and
time to explore & resolve key issues. Board members
demonstrate preparation for meetings through active
participation in decision making.

Board Committees
The Board of Directors formed adequate number of
Board Committees to streamline delegation of certain
key responsibilities. Sub Committees meetings are held
regularly and their decisions / recommendations are
placed before the Board. The Board has approved and
implemented Human Resource policies which imply
equitable treatment to all employees irrespective of
gender, religion, ethnic background etc.
The evaluation of the performance of the Board is
essentially an assessment of how the Board has
performed on all these parameters.

CEO REMUNERATION
CEO annual performance review and remuneration is
discussed and approved by the Board on the
recommendation of the HR committee, which is done
in the absence of the CEO.
MATERIALITY APPROACH

The Board of Directors of Cherat Cement has given
authority and power to the Company management for
taking day-to-day decisions. The management
however, observes the approach of materiality in
applying power and authority. Materiality is a matter of
judgment and the Company thinks that a matter is
material if, individually or in aggregate, they are
expected to significantly affect the performance and

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Annual
Report 2017