Lahore: Zephyr Textiles Limited has released its Chairperson’s Review for the fiscal year, outlining the Board’s performance amid significant economic challenges. The review was conducted in accordance with the Listed Companies (Code of Corporate Governance) Regulations, 2019. The evaluation aims to ensure the effectiveness and efficiency of the Board’s activities, benchmarked against the set objectives of the company.

The fiscal year saw a volatile economic environment characterized by fluctuating global demand, foreign exchange volatility, and inflationary pressures. Zephyr Textiles navigated through these challenges by implementing cost optimization strategies and prioritizing the highest quality standards, according to the company's Chairperson. The company's focus on safety, health, and ethical practices was also emphasized as integral to its corporate culture.

The Board’s review highlighted that despite the adverse economic conditions, the company remains committed to delivering optimal results. The Board, comprising seven members, was elected during an Extraordinary General Meeting held on August 16, 2024, and will serve for a term of three years. The Board members bring experience and diversified knowledge, contributing to effective decision-making processes for the company.

According to information available from the Pakistan Stock Exchange (PSX), the Board's key decisions during the year included the approval of capital expenditures (CAPEX), review of quarterly and annual financial statements, and oversight of internal audit findings. Additionally, the Board oversaw related party transactions and appointed external auditors to ensure compliance with corporate governance standards.

The company continues to hold frequent meetings to ensure it is adequately addressing the ongoing challenges and responsibilities. Zephyr Textiles’ independent directors have also been involved in all critical decision-making processes throughout the fiscal year.