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Attendance of these meetings was as follows: Name of Director No. of Meetings Attended Mr. Muneer Nawaz 4 Mr. Muhammad Khalid 1 Mr. Mahmood Nawaz 4 Mrs. Amtul Hai Khalid 1 Ms. Nazish Khalid 2 Mr. M. Naeem 3 Mr. Syed Munawar Hussain Rizvi 3 Mr. Saleem Zamindar 4 Leave of absence was granted to the Directors, who could not attend the board meetings. Further due to the sad demise of Mr. C. M. Khalid, Director, Ms. Nazish Khalid was appointed as director during the year. Directors Report to the Members
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7 l. Pattern of Shareholdings as on 30 June 2013 and its disclosure according to the requirement of Code of Corporate Governance is annexed to this report. m. The Directors, Chief Executive, Chief Financial Officer, Company Secretary and their spouses and minor children shareholding and change therein during the year is disclosed in “Categories of Shareholders”. Related Party Transactions The Directors confirm the following regarding related party transactions: 1. That the transactions undertaken with related parties during the financial year have been ratified by the Audit Committee and approved by the Board of Directors. 2. That the amounts or appropriate proportions of outstanding, items pertaining to related parties and receivables/payables from the related parties as on 30 June 2013: Rupees in thousand Name of Related Party Payable Receivable Shezan Services (Private) Limited 32,927 Nil Shahnawaz (Private) Limited Nil 34 3. There is no other material information pertaining to related party transactions, which is necessary for an understanding of financial statements. Audit Committee The Audit Committee met five times during the year under reference. These meetings were held prior to the approval of interim results of the Company by the Board of Directors and before and after completion of external audit. Attendance by each director was as follows: Name of Director No. of Meetings Attended Mr. Muneer Nawaz 5 Mr. C. M. Khalid 1 Mr. M. Naeem 3 Ms. Nazish Khalid 2 Leave of absence was granted to the Directors, who could not attend the audit committee meetings. Further due to the sad demise of Mr. C. M. Khalid, Member, Ms. Nazish Khalid was appointed as member during the year. Human Resource Committee The Company has formed Human Resource & Remuneration committee, which comprises three directors; all are non- executive directors. During the year under review one meeting of the Human Resource & Remuneration Committee was held. Attendance by each director was as follows: Name of Director No. of Meetings Attended Mr. Muneer Nawaz 1 Mr. M. Naeem 1 Mr. Saleem Zamindar 1 Auditors The retiring auditors Messrs. Ernst & Young Ford Rhodes Sidat Hyder, being eligible, offer themselves for re-appointment. The Board of Directors, on recommendations of the Audit Committee, proposes the appointment of Messrs. Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants, for the year ending 30 June 2014.
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