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For and on behal o the board ha an a bilgrami

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Unformatted text preview: For and on Behal o the Board. Ha an A. Bilgrami President & CEO February 27, 2 7 11 The purchase and sale o shares by the Directors and Chie Executive O icer during the year are given below Nam Chie Justice (Retd) Mahbob Ahmed Mr. Ahmed Golam Mahomed Randere Mr. Shabir Ahmed Randere Hasan A. Bilgrami D ignation Chairman Director Director Chie Executive No. of Shar a at 1 t January 2006 5 18,75 , 18,75 , 5 Shar ub crib d during th y ar 5 , No. of Shar a at 31 t D c mb r 2006 5 ,5 18,75 , 18,75 , 5 ANEXURE TO IRECTOR REPORT During the year our metings o the Board were held and atended as olows. Atended Leave o Absence Chie Justice (Retd) Mahbob Ahmed 3 1 Mr. Ahmed Golam Mahomed Randere- 4 Mr. Ahmed Mohamed Elshal * 1- Mr. Ali Ra a Sidiqui 4- Mr. Hasan A i Bilgrami 4- Mr. Shabir Ahmed Randere 4- Mr. Yavar Moini 4- Mr. Ziad Ma awi - 3 * Dubai Ban PJSC apointed Mr. Ahmed Mohamed Elshal in Meting held on October 31, 2 6 in place o Mr. Ziad Ma awi. 12 Stat m nt of Manag m nt' R pon ibility It is the responsibility o the Ban 's management to: Establish and maintain an adequate and e ective system o internal controls and procedures or an e icient wor ing environment or obtaining desired objectives. Evaluate the e ictivenes o the Ban 's internal control system that encompases material maters by identi ying control objective, reviewing signi icant policies and procedures and establishing relevant control procedures. Manag m nt Evaluation of th Ef ctiv n on th Ban Int rnal Control Sy t m During the year under review e orts have ben made or an e ective and e icient internal control system. In acordance with SBP-BSD Circular No. 7 o 2 4, the Ban ormulated al the ey policies and procedures or its di erent lines o busines. While ormulating such policies clear line o authority and responsibility have ben established in order to ensure an e ective internal control system. The Ban has established an audit unction independent o line management. The control activities are being closely monitored acros the ban through audit group / compliance & control, which covers al ban ing activities in general and ey ris areas in particular. The Audit Comite o the Board reviews the audit unction quarterly which includes program as wel as surprise audits. Internal control systme in the Ban is designed to manage, rather than to eliminate the ris o ailure to achieve the busines objective, and can only provide reasonable and not absolute asurance against material mistatement or los. However, it is an on going proces that includes identi ication, evaluation and management o signi icant ris s aced by the ban . The Board o Directors is ultimately responsible or the internal control system and the Board endorses the above management evaluation....
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For and on Behal o the Board Ha an A Bilgrami President&...

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