Faisalabad: Ahmad Hassan Textile Mills Limited has released its annual report for the fiscal year ending June 30, 2024, which was discussed in the chairman's review addressed to shareholders. The report details the company's governance and strategic management practices, emphasizing the board's role in navigating through numerous challenges throughout the financial year 2023-24.
According to information available from the Pakistan Stock Exchange (PSX), the chairman expressed satisfaction with the overall performance of the board, despite the challenges faced during the term. The board's strategic guidance has been pivotal in directing the company's management and operations effectively.
Key areas such as the audit and human resources were particularly noted for their robust handling. The Audit Committee played a crucial role in reviewing internal controls and ensuring the financial statements accurately represented the company's financial position. Meanwhile, the Human Resource Committee oversaw the HR policy framework, playing a critical role in the selection and compensation processes of the senior management team.
The board's effectiveness was also evaluated through a systematic annual performance review, with the chairman reporting satisfactory results based on established criteria. This evaluation process is part of the company's commitment to maintaining high standards of governance and accountability.
Furthermore, the board's composition, which includes a balance of executive and non-executive directors along with independent directors, was highlighted. These members collectively bring essential skills and industry knowledge necessary for leading the company. The board ensures that all members adhere to the ethical and professional standards outlined in the company's Vision and Mission Statements.
In addition to performance reviews, the board focuses on the quality of financial reporting, transparency of disclosures, and the appropriateness of the company's accounting policies. A Code of Conduct has been implemented and disseminated throughout the organization to ensure a consistent behavior standard that aligns with the best practices of Corporate Governance.
The chairman's report underscores the rigorous controls and systems in place to ensure compliance and governance, reflecting the company's commitment to upholding high standards and delivering value to its shareholders.