Karachi: Premium Textile Mills Limited has scheduled its Annual General Meeting (AGM) for October 25, 2024, at Karachi, to discuss key proposals including the increment in remuneration for its working directors. The meeting, as per the notice issued, will also review the company's annual financial statements and reappoint external auditors.

The meeting's agenda includes the confirmation of minutes from the previous AGM held on February 12, 2024, and the acceptance of the annual financial reports alongside the Chairman's review. The directors, poised for retirement, have offered themselves for reappointment, ensuring continuity in leadership.

A special resolution to increase the monthly remuneration for Mr. Abdul Kadir Adam, Chief Executive Officer, and Mr. Muhammad Yasin Siddik, Executive Director, will be presented for shareholder approval. According to information available from the Pakistan Stock Exchange (PSX), the proposed increases are set at 15%, elevating their salaries to Rs. 1,815,000 and Rs. 1,440,000 respectively.

This increment aligns with the company's policy of linking director compensation with strategic performance and operational efficiency. Both directors have been pivotal in steering the company through competitive market conditions and are seen as crucial for future strategies.

The Board of Directors, upon recommendations from the Human Resource and Remuneration Committee, has emphasized that the proposed increases are exclusive of other benefits, which the directors are entitled to under the company's remuneration policy.

The AGM will also address any other business as permitted by the Chairman, maintaining adherence to corporate governance standards.