Karachi: At the Annual General Meeting (AGM) held on October 21, 2024, shareholders of a prominent company passed several significant resolutions, impacting financial oversight and executive compensation. The meeting, which took place in Karachi, saw unanimous approval for all items on the agenda.

One of the primary resolutions confirmed the minutes from the Extra-Ordinary General Meeting (EOGM) that occurred on July 30, 2024. This EOGM’s minutes were approved as a correct record of proceedings.

Additionally, the shareholders received, considered, and adopted the Audited Financial Statements for the fiscal year ending June 30, 2024. These statements included reports from the company's directors and independent auditors, which were also ratified during the meeting.

A critical administrative task completed during the AGM was the appointment of auditors for the upcoming fiscal year. Riaz Ahmed and Co., Chartered Accountants, were reappointed as the company’s auditors for 2024-2025, with their remuneration set to remain the same as the previous year.

In response to inflation and the need to stay competitive in the market, the shareholders approved an increase in the salary cap for the Chief Executive Officer (CEO) to PKR 18 million per annum. This adjustment excludes bonuses, perquisites, and retirement benefits, adhering to the company’s established policy.

The meeting concluded without any other business as there were no additional items on the agenda, ending with a customary vote of thanks to the Chair. According to information available from the Pakistan Stock Exchange (PSX), these decisions are part of routine corporate governance activities aimed at maintaining fiscal responsibility and competitive compensation practices.