Karachi, Hascol Petroleum Limited, a prominent player in the energy sector, held its 21st Annual General Meeting (AGM) on August 31, 2023, in Karachi, with virtual participation through a video link. During the AGM, several important resolutions were passed and adopted by the company's shareholders.
The following resolutions were presented and approved by the shareholders in the Ordinary Business section of the AGM:
1. Confirmation of Minutes: Shareholders resolved that the minutes of the previous Annual General Meeting, which took place on September 13, 2022, be confirmed and adopted.
2. Approval of Annual Audited Financial Statements: The shareholders further resolved to approve and adopt the Annual Audited Financial Statements of Hascol Petroleum Limited for the year ended December 31, 2022. This includes the Directors' and Auditors' reports and the Review Report of the Chairman.
3. Appointment of External Auditors: The shareholders passed a resolution to appoint M/s. Baker Tilly Mehmood Idrees Qamar, Chartered Accountants, as the external auditors of the company until the conclusion of the next Annual General Meeting, covering the financial year ending December 31, 2023.
4. Authorization for Auditor Remuneration: In the final resolution, the Chief Executive Officer of Hascol Petroleum Limited was authorized by the shareholders to determine and fix the remuneration of the external auditors.
These resolutions are integral to the company's corporate governance and financial reporting processes. The approval of the Annual Audited Financial Statements and the appointment of external auditors ensure transparency and accountability in Hascol Petroleum Limited's operations.
The AGM provided a platform for shareholders to engage with the company's management and participate in critical decisions that impact the company's direction and financial performance. Hascol Petroleum Limited remains committed to upholding the highest standards of corporate governance and maintaining transparency in its business practices.