Page 99 - CCL AR 2017 Final

15. The board has formed an Audit Committee. It 20. The statutory auditors or the persons associated
comprises of three members, out of whom two with them have not been appointed to provide
are non-executive directors and one is an other services except in accordance with the
independent director. The chairman of the Audit listing regulations and the auditors have
committee is a non-executive director. confirmed that they have observed IFAC
guidelines in this regard.
16. The meetings of the audit committee were held
atleast once every quarter prior to approval of 21. The “closed period”, prior to the announcement
interim and final results of the Company and as of interim/final results, and business decisions,
required by the CCG. The terms of reference of which may materially affect the market price of
the committee have been formed and advised to company’s securities, was determined and
the committee for compliance. intimated to directors, employees and stock
exchange.
17. The board has formed an HR and Remuneration
Committee. It comprises of three members, of 22. Material/price sensitive information has been
whom two are non-executive directors and the disseminated among all market participants at
chairman of the committee is a non-executive once through stock exchange.
director.
23. The Company has complied with the
18. The board has set up an effective internal audit
function. requirements relating to maintenance of register
of persons having access to inside information by
19. The statutory auditors of the Company have designated senior management officer in a timely
confirmed that they have been given a manner and maintained proper record including
satisfactory rating under the quality control basis for inclusion or exclusion of names of
review programme of the ICAP, that they or any of persons from the said list.
the partners of the firm, their spouses and minor
children do not hold shares of the Company and 24. We confirm that all other material principles
that the firm and all its partners are in compliance enshrined in the CCG have been complied with.
with International Federation of Accountants
(IFAC) guidelines on code of ethics as adopted by
the ICAP.

On behalf of the Board of Directors

Omar Faruque
Karachi: August 23, 2017 Chairman

Statement of Compliance

With the Best Practices of Transfer Pricing

The Company has fully complied with the best practices of Transfer Pricing as contained in the Listing Regulations
of the Stock Exchange.

On behalf of the Board of Directors

Omar Faruque
Karachi: August 23, 2017 Chairman

97
Annual
Report 2017