Karachi:Fazal Cloth Mills Limited has successfully navigated through the fiscal year ended June 30, 2024, under the effective guidance and governance of its Board of Directors. The company's chairman, representing the Board, shared insights into the Board's critical role and accomplishments in the latest Annual Report and Audited Financial Statement.

The Board's diligent adherence to the corporate governance standards set forth by the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019, has been pivotal. According to information available from the Pakistan Stock Exchange (PSX), the company's governance practices were in strict compliance with these regulations, focusing on the Board's composition, meetings, and procedural adherence.

Throughout the year, the Board's engagement in strategic planning and regulatory compliance was evident. It meticulously oversaw the management's execution of responsibilities, ensuring all actions were aligned with shareholder interests. The Board, consisting of nine members with diverse expertise relevant to the company’s business, was elected for a three-year term during the Extraordinary General Meeting on May 30, 2023.

During the year, the Board convened six times, focusing on evaluating financial outcomes and overall company performance. The effectiveness of their governance was marked by timely and well-prepared meeting agendas, ensuring informed decision-making.

The chairman expressed gratitude towards the Board members, shareholders, bankers, financial institutions, customers, and suppliers for their continued support. Additionally, he acknowledged the dedicated efforts of the company's executives and staff, emphasizing their role in the company’s achievements and expressing optimism for future challenges.