Karachi, The United Insurance Company of Pakistan Limited has announced the upcoming election of directors scheduled during the Annual General Meeting (AGM) on April 29, 2024, at 10:30 a.m. This event will take place at the Institute of Chartered Accountants of Pakistan, Auditorium Hall, in Karachi. This follows the recent notice published in both the "Daily Business Recorder" and "Daily Nai Baat" across Karachi, Lahore, and Islamabad.
The election follows Section 159(4) of the Companies Act, 2017, with seven candidates nominated for positions as directors. The candidates include Mr. Muhammad Akram Shahid, Mr. Khawas Khan Niazi, Mr. Muhammad Rahat Sadiq, Mr. Abdul Hadi Shahid, Mr. Muhammad Ashraf Khan, Mr. Ihsan Ul Haq Khan, and Ms. Huma Waheed. Given the number of candidates does not exceed the number of available director positions as fixed under Section 159(1) of the Companies Act, these individuals are set to be automatically elected at the AGM.
Profiles for all candidates are available on the company’s website for shareholder review. The independent directors, namely Mr. Muhammad Ashraf Khan and Mr. Ihsan Ul Haq Khan, have been selected based on their experience, competencies, and the criteria of independence defined under applicable law, and are listed on the data bank of independent directors maintained by the Pakistan Institute of Corporate Governance (PICG).