Karachi: In a significant gathering of Exide Pakistan Limited's shareholders, several crucial resolutions were passed during the company's Annual General Meeting held on July 29, 2026. The meeting focused on approving past minutes, adopting financial statements, declaring dividends, appointing auditors, electing directors, and determining executive remuneration.
The minutes from the previous Annual General Meeting, conducted on July 29, 2025, were unanimously approved. The proposal was moved by Mr. M. Shoaib and seconded by Mr. Saeed Ahmed Baig. The shareholders resolved that the minutes of the 72nd AGM be accepted without any amendments.
The company also adopted its audited financial statements for the fiscal year ending March 31, 2026. The motion was proposed by Mr. Saeed Ahmed and seconded by Mr. Shamshad Ahmed. The resolution confirmed that the financial statements, along with the Directors and Auditors' Reports, were formally accepted.
Regarding dividends, Mr. Saeed Ahmed Baig advocated for a final dividend higher than 50%. However, Mr. Haider Mehdi explained that due to competitive market conditions affecting the company's performance, the directors recommended a 50% dividend. The final dividend of Rs.5 per share was approved, as proposed by Mr. Saeed Ahmed and seconded by Mr. M. Shoaib.
The re-appointment of M/s. Yousuf Adil & Co., Chartered Accountants, as auditors for the fiscal year 2026-27 was confirmed. The audit committee, alongside shareholder Mr. Arshad Shehzada, endorsed the proposal which was seconded by Mr. Saeed Ahmed. The directors will later determine the auditors' remuneration considering inflationary impacts.
In the elections of directors, seven individuals were appointed unopposed for a three-year term starting June 18, 2026. The elected directors include Mr. Arif Hashwani, Mr. Altaf Hashwani, Mr. Hussain Hashwani, Ms. Zaver Hashwani, Mrs. Navin Salim Merchant, Mr. Amin Manji, and Mr. S. Haider Mehdi.
The meeting also approved the remuneration for the Chief Executive, Executive Director, and Independent Director for the period from July 1, 2026, to June 30, 2029. An aggregate sum of Rs.50.985 million was sanctioned for their managerial remuneration, including chauffeur-driven company-maintained cars and medical expenses. Additionally, three non-executive directors are entitled to similar benefits.
According to information available from the Pakistan Stock Exchange (PSX), Exide Pakistan's resolutions reflect strategic decisions aimed at navigating competitive pressures and managing financial outcomes effectively. The company's resolutions are expected to play a pivotal role in its operational and financial planning for the upcoming years.