Lahore: Pace Pakistan Limited has officially filed a certified copy of resolutions passed during its Extraordinary General Meeting (EGM) held on February 10, 2025. The meeting, which took place in compliance with clause 5.6.9(b) of the Pakistan Stock Exchange (PSX) Regulations, marked a significant step in the company's ongoing governance and strategic initiatives. The resolutions were presented for the information of the Exchange.
On February 10, 2025, the shareholders of Pace Pakistan Limited convened to address both ordinary and special business matters. The ordinary business included the confirmation of the minutes from the Annual General Meeting held on October 28, 2024. The meeting participants resolved that these minutes were approved, solidifying the actions and discussions from the prior meeting.
The special business agenda included several pivotal resolutions. Among these was the amendment of the company's Articles of Association to introduce an enabling clause for an Employee Stock Option Scheme (ESOS). This amendment was aimed at incorporating an employee incentive program designed to recognize and reward the contributions of the company's eligible employees, directors, and officers. The Chief Executive, Chief Financial Officer, and Secretary of the company were jointly authorized to comply with all formalities related to this amendment.
Additionally, the EGM approved the establishment of the ESOS under Section 83A of the Companies Act, 2017, in line with Chapter VI of the Companies (Further Issue of Shares) Regulations, 2020. The scheme allows employees to acquire shares of the company, with the entitlement pool set to remain within a capped limit of 10% of the enhanced paid capital in a year and 25% at any point in time. Furthermore, the meeting approved the granting of options equal to or exceeding 1% of the issued and paid-up capital within one year to identified employees, as well as to employees of the subsidiary company, Pace Barka Properties Limited.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions reflect Pace Pakistan Limited's commitment to enhancing shareholder value and promoting employee engagement through strategic policy amendments. The resolutions also authorize the company's top executives to comply with all necessary formalities, ensuring a smooth implementation of these decisions.
This strategic move by Pace Pakistan Limited is expected to bolster its market position within the designated market category, paving the way for future growth and stability. The approved resolutions underscore the company's dedication to aligning its corporate governance practices with the evolving dynamics of the business environment.