Corporate governance

Key Person Dealing Policy

The Company has in place the policy and procedure for key person dealing in Company shares. Insiders and key persons have been made aware of their responsibilities and the procedure to be followed by them in this regard.

Compliance with Corporate Governance Code

The Board is responsible for implementation and compliance with the Corporate Governance Code. The Board continuously monitors its Corporate Governance framework to ensure compliance with High Level Control Volume of CBB Rule Book Volume VI and Corporate Governance Code issued by MOIC.

The Board has revisited its assessment and necessary changes were made in the framework to ensure compliance with Corporate Governance Code.

Significant Changes in Corporate Governance Framework

During the financial year 2012, the Board constituted the Nominating and Remuneration Committee and Corporate Governance Committee to assist the Board in accomplishing its responsibilities

Composition of the Board

The Board is comprised of eight (8) members. The Board is governed by Board charter, Article of Association and all applicable statutes. The Board is required to meet at least 4 times in a year. The Directors are appointed by the Board as per provisions of Articles of Association and Commercial Company’s Law. The term of Director’s office is three years.