Karachi: In a demonstration of robust governance and financial stability, First Capital Equities Limited (FCEL) has announced in its annual chairman’s review that it observed strong governance and strategic planning in the fiscal year 2024, contributing to the company's overall financial and operational growth. The review, issued on June 21, 2024, outlines significant achievements in board performance and management strategies aimed at propelling the company forward amid evolving market conditions.

FCEL reported an accelerated economic growth rate, with the GDP growth rising to 2.4% in FY2024. The agriculture, industry, and services sectors have shown substantial improvements, contributing to the country’s economic expansion. According to information available from the Pakistan Stock Exchange (PSX), the Karachi Stock Exchange 100 index has also climbed to a new three-year high at 78,810 points.

The chairman emphasized the board’s effectiveness in enhancing corporate governance, noting that all significant issues, including related party transactions, were rigorously evaluated and approved through the Audit Committee. This approach underscores the board's commitment to maintaining high standards of internal control and corporate governance.

Additionally, the review highlighted the board’s focus on strategic risk management, policy development, and financial structure monitoring, crucial for adapting to the dynamic economic landscape. The directors received specialized orientation and ongoing training to align with the best practices in corporate governance, ensuring a well-informed and compliant board.

The company has also been proactive in assessing and optimizing the management structure, with key executive roles such as Chief Financial Officer and Company Secretary being regularly evaluated to ensure peak performance and compliance with legal standards.

The chairman’s closing remarks included a note of appreciation for the directors, shareholders, and staff, whose collective efforts have steered the company towards anticipated future successes under challenging conditions.